Thailand’s SEC files criminal charges against Bitkub and its former executives, accusing them of concealing a massive theft incident in 2021.

PANews July 24—According to The Nation, the Securities and Exchange Commission (SEC) of Thailand has filed criminal charges with the Economic Crime Suppression Department against Bitkub Online and former directors Sakolkorn Sakavee and Thaweesap Rawan, accusing them of making false or omitted filings in the Daily Net Capital Report Form DA 1 after a theft incident in 2021 involving approximately 1.7 billion Thai baht and 16 types of digital assets, in violation of relevant provisions of the Emergency Decree on Digital Asset Businesses. The SEC said the two former directors bear equal responsibility for the false submissions, and the case will move into police investigation, prosecutor review, and court proceedings. Bitkub responded that the company’s and its clients’ assets are currently safe and intact; that year, the equal amount of assets was repurchased using funds advanced by the co-founder, and clients suffered no losses.