$50 Million Asset Theft Report Involves False Disclosure, Thai SEC Files Criminal Complaint Against Bitkub

Odaily Planet Daily News – The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, accusing them of false reporting related to a 2021 cyberattack. The SEC stated that a cyberattack in May 2021 resulted in the theft of 16 types of digital assets from Bitkub, valued at approximately 1.7 billion baht, equivalent to $50 million. The regulator claims that while Bitkub replenished the stolen assets by October 31, 2021, the daily net liquidity capital reports submitted between May 10 and October 30, 2021, did not accurately reflect the asset reduction. Bitkub stated on the X platform that the case stems from disclosure decisions following the May 2021 cyberattack and does not constitute fraudulent behavior. The exchange explained that the delayed disclosure of wallet damage was intended to prevent a bank run, and the co-founder later purchased equivalent digital assets to cover the stolen funds, ensuring that neither the company nor its customers incurred financial losses. Founded in 2018, Bitkub is one of Thailand's major cryptocurrency exchanges. Bitkub's parent company is considering a potential initial public offering (IPO), including the possibility of listing in Hong Kong.