Thailand’s Bitkub faces criminal complaint over 1.7B-baht hack reports – Details
The Securities and Trade Fee (SEC) of Thailand has filed a felony grievance towards the crypto trade Bitkub On-line Co. Ltd.
Two of its former administrators had been additionally named within the grievance regarding claims that the cryptocurrency trade filed faux regulatory stories after a big cyberattack in 2021.
What occurred again in 2021?
The case stemmed from a cyberattack in Could 2021. Hackers stole 16 sorts of digital property value roughly 1.7 billion baht.
Bitkub later changed the stolen property. Nonetheless, the SEC stated replacements solely started on the thirty first of October 2021. That was virtually 4 months after the assault.
According to the SEC, Bitkub confirmed no vital change in its property regardless of disclosing the monetary impression of the hack in its Kind DA 1 every day internet capital stories between the tenth of Could and the thirtieth of October 2021.
The SEC says these filings included false statements, citing former administrators Sakolkorn Sakavee and Thaweesap Rawan because the officers in control of turning within the stories and charging them with inaccurate entries into firm information.
The SEC referred the matter to Thailand’s Financial Crime Suppression Division [ECD] for investigation. Prosecutors will later determine whether or not to file formal costs. The matter might then proceed to courtroom.
Bitkub’s argument
In response, Bitkub said that the SEC’s grievance pertains solely to reporting decisions taken between Could and October 2021 and has no bearing on its current operations. The trade underlined that every one consumer property are nonetheless compliant with custody guidelines, utterly backed, and protected.
Bitkub claimed to have purposefully omitted specifics of the 2021 hack to forestall a financial institution run, citing mass withdrawals as making it difficult to exchange the misplaced funds.
The corporate additionally stated that its co-founders made certain clients suffered no losses by personally shopping for alternative digital property in the identical currencies and values as these misplaced. It additionally talked about that in a September 2025 inspection, the SEC verified that client property had been protected.
Steps taken by the crypto trade
Bitkub maintained that the 2021 incident was a cyberattack relatively than inside fraud and that, though on the time its safety methods complied with authorized standards, they’ve since been drastically upgraded.
To additional strengthen buyer asset safety, the agency now has certifications together with ISO 27001, ISO 27701, and SOC 2 Sort I. Together with that, it additionally has compliance with the NIST Cybersecurity Framework, annual SEC safety audits, and alliances with BitGo and Coinbase Custody.
Bitkub additionally warned it could act towards anybody spreading false details about its monetary state of affairs or buyer asset custody.
This coincided with Thailand’s SEC just lately suggesting a change to the current licensing system for the derivatives enterprise to incorporate crypto firms.
Last Abstract
- The grievance traces again to a Could 2021 cybercrime during which Bitkub noticed hackers steal sixteen completely different sorts of digital property value 1.7 billion baht.
- In its protection, Bitkub stated that the 2021 incident was a cyberattack relatively than inside fraud.
