SEC charges Bitkub for concealing 1.7 billion asset hack

Matichon•Economy•20d ago

Reader Briefing

The SEC has filed charges against Bitkub Online Co., Ltd. and two former directors for providing false reports regarding a 1.7 billion baht digital asset theft.

•The SEC submitted additional evidence and testimony to the ECD Police regarding Bitkub Online Co., Ltd.
•Bitkub suffered a digital asset theft in May 2021 affecting 16 currencies valued at approximately 1.7 billion baht.
•Bitkub and two former directors are accused of filing false daily net liquidity fund reports (Form DJ.1) between May 10 and October 30, 2021.
•Three parties are being charged: Bitkub Online Co., Ltd., Mr. Sakolkorn Srakavee, and Mr. Taweesap Rawarn.

Overview

•In May 2021, Bitkub was targeted by a theft of digital assets involving 16 currencies valued at approximately 1.7 billion baht.
•Between May 10 and October 30, 2021, Bitkub did not report the theft in the daily net liquidity fund reports (Form DJ.1), showing no significant change in assets.
•The SEC found that Bitkub and its directors provided false information to make the SEC believe customer assets were stored normally and undamaged.
•Mr. Sakolkorn Srakavee and Mr. Taweesap Rawarn have already left their positions as company directors.
•The SEC provided additional evidence and testimony to Pol. Col. Winyu Jamsai and Pol. Lt. Col. Warat Sermsujarit of the ECD Police.
•The charges relate to violations of Section 76, Section 88 (2), and Section 94 of the Emergency Decree on Digital Asset Businesses 2018.
•The SEC has formally charged Bitkub Online Co., Ltd., Mr. Sakolkorn Srakavee, and Mr. Taweesap Rawarn for legal proceedings by inquiry officials.

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Key Entities

Organization

Securities and Exchange Commission (SEC)(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์ (ก.ล.ต.))

The regulatory body that filed charges and provided evidence against Bitkub regarding the concealment of asset theft.

Bitkub Online Co., Ltd.(บริษัท บิทคับ ออนไลน์ จำกัด)ℹ️

A digital asset exchange accused of concealing a 1.7 billion baht asset theft in its reports to the SEC.

Economic Crime Suppression Division (ECD Police)(กองบังคับการปราบปรามการกระทำความผิดเกี่ยวกับอาชญากรรมทางเศรษฐกิจ (บก.ปอศ.))

The police division receiving the evidence and charges against Bitkub and its former directors.

Person

Pol. Col. Winyu Jamsai(พ.ต.อ.วิญญู แจ่มใส)

Superintendent 3 of the ECD Police who received evidence from the SEC.

Pol. Lt. Col. Warat Sermsujarit(พ.ต.ท.วรัท เสริมสุจริต)

Inquiry Officer of Sub-division 3 of the ECD Police who received evidence from the SEC.

Mr. Sakolkorn Srakavee(นายสกลกรย์ สระกวี)

A former director of Bitkub Online Co., Ltd. responsible for submitting Form DJ.1 and charged with providing false information.

Mr. Taweesap Rawarn(นายทวีทรัพย์ ราวรรณ์)

A former director of Bitkub Online Co., Ltd. responsible for submitting Form DJ.1 and charged with providing false information.

Law

Emergency Decree on Digital Asset Businesses 2018(พระราชกำหนดการประกอบธุรกิจสินทรัพย์ดิจิทัล พ.ศ. 2561)

The law under which Bitkub and its former directors were charged for providing false information in documents.