Thailand SEC Files Criminal Complaint Against Bitkub for 2021 Cyberattack Concealment

The Thailand SEC has filed a criminal complaint against Bitkub Online Co. and two former directors for allegedly concealing a cyberattack in May 2021 that resulted in the theft of digital assets valued at 1.7 billion baht. The SEC claims that Bitkub submitted false information in daily net capital reports, failing to disclose the significant impact of the cyberattack on its asset holdings. The complaint has been referred to the Economic Crime Suppression Division for further investigation. Bitkub has denied any fraudulent conduct, asserting that the decision to withhold information was made to prevent a bank run among customers. The company claims that all customer assets are safe and have been fully accounted for. The SEC's investigation revealed that 16 types of digital assets were stolen during the breach, and the former directors are accused of making false statements to mislead regulators. The case will proceed through the criminal justice process.

Key Points: • Thailand SEC filed a criminal complaint against Bitkub for concealing a 2021 cyberattack. • The cyberattack resulted in the theft of digital assets worth 1.7 billion baht. • Bitkub claims the decision to withhold information was to prevent customer panic and losses.