Thailand SEC files complaint against Bitkub over alleged false disclosures
Thailand’s SEC filed a criminal complaint against Bitkub Online and two former directors, accusing them of submitting false information after a May 2021 cyberattack. The regulator says hackers stole 16 types of digital assets worth about 1.7 billion baht ($50 million), and that Bitkub later replaced the assets but failed to show the loss accurately in its net liquid capital reports from May to October 2021. The SEC alleges the disclosures made it appear customer assets were unchanged. Bitkub denied fraudulent conduct, saying it delayed disclosure to avoid a bank run while it recovered the stolen assets, and that co-founders later covered the loss with equivalent crypto. The company said it has since improved governance, compliance, and security. The case increases scrutiny of one of Thailand’s largest exchanges as its parent considers a potential public listing.
