Svmuu News: The Thai Securities and Exchange Commission (SEC) has filed criminal complaints against the digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, accusing them of making false reports 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, or about $50 million. The regulator stated that Bitkub subsequently replenished the stolen assets by October 31, 2021, but the daily net working capital reports submitted between May 10 and October 30, 2021, did not accurately reflect the reduction in assets.
Bitkub stated on X that the case stemmed from a disclosure decision following a cyberattack in May 2021 and did not constitute fraud. The exchange explained that the delay in disclosing the compromised wallets was intended to prevent a run on the exchange, and that the co-founder subsequently purchased digital assets of equivalent value to cover the stolen funds, ensuring that neither the company nor its customers suffered any financial losses.
Founded in 2018, Bitkub is one of Thailand’s largest cryptocurrency exchanges. Bitkub’s parent company is considering a potential initial public offering (IPO), including a possible listing in Hong Kong.