$50 Million Asset Theft Report Involves False Disclosure; Thai SEC Files Criminal Complaint Against Bitkub
2026-07-24 12:59
Odaily Planet Daily News The Securities and Exchange Commission of Thailand (SEC) has filed a criminal complaint against digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, alleging involvement in false reporting 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 Thai Baht, or about $50 million. The regulator claimed that Bitkub subsequently replenished the stolen assets by October 31, 2021, but the daily net working capital reports submitted from May 10 to October 30, 2021, did not accurately reflect the reduction in assets.
Bitkub stated on the X platform that the case stems from a disclosure decision made after the May 2021 cyberattack and is not a fraudulent act. The exchange claimed that the delayed disclosure of the wallet compromise was to avoid a bank run, and that a co-founder later purchased equivalent digital assets to cover the stolen funds, resulting in no financial loss for the company or its customers.
Founded in 2018, Bitkub is one of the major cryptocurrency exchanges in Thailand. Bitkub's parent company is considering a potential initial public offering, possibly including a listing in Hong Kong.
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 Thai Baht, or about $50 million. The regulator claimed that Bitkub subsequently replenished the stolen assets by October 31, 2021, but the daily net working capital reports submitted from May 10 to October 30, 2021, did not accurately reflect the reduction in assets.
Bitkub stated on the X platform that the case stems from a disclosure decision made after the May 2021 cyberattack and is not a fraudulent act. The exchange claimed that the delayed disclosure of the wallet compromise was to avoid a bank run, and that a co-founder later purchased equivalent digital assets to cover the stolen funds, resulting in no financial loss for the company or its customers.
Founded in 2018, Bitkub is one of the major cryptocurrency exchanges in Thailand. Bitkub's parent company is considering a potential initial public offering, possibly including a listing in Hong Kong.
推薦文章
