Thai SEC Accuses Bitkub of Concealing $51M Hack

Thai SEC says Bitkub concealed a 2021 theft for nearly six months, while the exchange says the decision was intended to prevent a bank run.

Thailand’s Securities and Exchange Commission has filed a criminal complaint against Bitkub, the country’s largest crypto exchange, and two former directors over reports submitted after a previously undisclosed 2021 hack.

The regulator said hackers stole crypto worth about 1.7 billion baht (or approximately $51 million) from Bitkub in May 2021. Still, daily filings submitted between May 10 and October 30 showed no material change in the company’s assets, according to the SEC.

The regulator said: “The SEC further found that Bitkub did not report to the SEC in its daily net capital report (Form DA 1) in a manner consistent with the theft incident.” Form DA 1 reports are used by the regulator to track an exchange’s financial position.