Thailand's Securities and Exchange Commission has filed a criminal complaint against cryptocurrency exchange Bitkub and two of its former directors. The regulator alleges the company made false disclosures tied to a 2021 cyberattack that saw $50 million in assets stolen.
The 2021 cyberattack
In late 2021, Bitkub suffered a security breach. Hackers made off with roughly $50 million in digital assets. The exchange later said it had covered the losses from its own reserves and that customer funds were safe. But the SEC now claims the company's public statements about the incident were misleading.
Allegations of false disclosures
The complaint centers on what the SEC says were inaccurate or incomplete disclosures to the public and to regulators. The agency argues that Bitkub and the two former directors failed to properly inform investors about the scale and nature of the breach. False disclosures are a serious offense under Thai securities law, carrying potential fines and prison time.
The former directors
The SEC named two former directors in the complaint but did not release their identities in the initial filing. They are accused of being involved in the decision to issue the allegedly false statements. Both individuals have since left the company, according to public records.
The criminal complaint has been submitted to the Office of the Attorney General. Prosecutors will decide whether to bring formal charges. If they do, the case will go to court. Bitkub has not yet issued a public response to the complaint. The company continues to operate its exchange while the legal process unfolds.
