Thailand SEC Files Criminal Complaint Against Bitkub Over $50M Hack Reporting

TLDR

• Thailand SEC files criminal complaint against Bitkub over 2021 reporting claims.
• Bitkub allegedly omitted $50 million hack losses from regulatory filings.
• Two former directors face personal liability over disputed financial reports.
• Case adds pressure before Bitkub parent pursues potential public listing.
• Thailand intensifies crypto oversight with criminal action on disclosures.

Thailand’s Securities and Exchange Commission filed a criminal complaint against Bitkub over alleged false reporting linked to a 2021 cyberattack. The complaint also targets two former directors for their roles in submitting regulatory filings. Authorities transferred the case for criminal investigation, increasing pressure on Thailand’s largest licensed digital asset exchange.

SEC targets Bitkub over alleged reporting failures

The complaint centers on a May 2021 cyberattack that resulted in the theft of digital assets worth about 1.7 billion baht. Bitkub restored the stolen assets by Oct. 31, 2021. However, regulators allege the exchange submitted inaccurate financial reports during the recovery period.

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