How a crypto exchange secretly hid $53M in stolen crypto to prevent a bank run – as the SEC targets its directors
Summary
Thailand’s SEC filed a criminal complaint against Bitkub Online and two former directors, alleging false reporting in daily net-capital filings after a May 2021 cyberattack that stole about 1.7 billion baht in customer assets. The SEC says Form DA 1 reports from May 10 to Oct. 30, 2021 failed to reflect any material asset loss, while replacement buying allegedly began only on Oct. 31. Bitkub said it withheld the theft to avoid a bank run and argued the co-founders later replaced the assets, so customers did not suffer losses. The complaint is under investigation, and no wrongdoing has been adjudicated.
