Why did the Thailand SEC file a criminal complaint against Bitkub?

Thailand’s Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub Online and two of its former directors, alleging they submitted false regulatory reports after a 2021 cyberattack that resulted in the loss of digital assets worth about 1.7 billion baht ($50 million). Summary Thailand’s SEC has filed a criminal complaint against Bitkub and two former directors over alleged false reporting linked to its 2021 cyberattack. Bitkub said it delayed disclosing the hack to prevent a bank run and later replaced all stolen digital assets without customer losses. The case comes as Thailand continues expanding crypto regulations while increasing enforcement across the digital asset sector. According to an announcement published by Thailand’s Securities and Exchange Commission (SEC) on Thursday, the complaint targets Bitkub Online, former directors Sakolkorn Sakavee and Thaweesap Rawan over information submitted in the exchange’s daily net liquid capital reports following the May 2021 hack. The regulator alleged that the reports filed between May 10 and Oct. 30, 2021, did not accurately show the reduction in the exchange’s digital asset holdings after at...