Crypto Exchange Bitkub Faces Legal Trouble After Regulators Claim It Provided False Information About a Hack

Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against Bitkub Online and two former directors of the company for alleged false statements linked to a cyberattack that occurred in May 2021, in which digital assets of 16 different types were stolen, valued at approximately 1.7 billion baht, equivalent to around $50 million.

According to the regulator, the daily net liquid capital reports submitted between May 10 and October 30 of that year did not reflect a significant reduction in Bitkub’s assets following the theft.

The SEC argued that this omission created the impression that Bitkub’s client funds remained intact. The former directors named are Sakolkorn Sakavee and Thaweesap Rawan, who were allegedly responsible for submitting the corporate reports during the period under investigation.

Bitkub rejected the charges and explained that the delay in disclosure was intended to prevent a bank run while the restitution of the stolen assets was being managed. The company stated that its co-founders acquired equivalent assets to cover the shortfall, and that therefore neither the company nor its clients suffered any financial losses. The company is currently evaluating an initial public offering, including a potential listing in Hong Kong.

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