Thai SEC files criminal complaint against Bitkub and executives, accusing them of concealing $50 million in hacker losses

The Securities and Exchange Commission (SEC) of Thailand has filed a criminal complaint against the cryptocurrency exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, accusing them of submitting false financial reports in 2021. The SEC stated that Bitkub suffered losses exceeding $50 million from a cyber attack in May 2021, and this loss was not reflected in its daily net capital report. The case has been transferred to the Economic Crime Suppression Bureau (ECD) of Thailand for investigation. Bitkub stated that the existing client positions are secure, and the co-founder has purchased alternative assets to bear the losses. They also reported the incident to law enforcement on May 10, 2021.