SEC submits evidence to ECD over Bitkub false reporting

Prachachat•Economy•8d ago

Reader Briefing

The SEC has provided additional evidence to the ECD regarding Bitkub's failure to report a 1.7 billion baht digital asset hack.

•The SEC filed a complaint against Bitkub and two directors for submitting false reports to conceal a hack.
•Approximately 1.7 billion baht worth of 16 digital asset currencies were stolen from Bitkub in May 2021.
•The SEC alleges that Bitkub failed to report the incident in daily liquidity reports between May 10 and October 30, 2021.
•Three parties are accused of violating the Emergency Decree on Digital Asset Businesses 2018.

•SEC officials met with Pol. Col. Winyu Jamsai and Pol. Lt. Col. Warat Soemsujarit of the ECD to provide additional evidence and testimony.
•Approximately 1.7 billion baht across 16 digital asset currencies were stolen from Bitkub in May 2021.
•Between May 10 and October 30, 2021, Bitkub did not report the theft in the daily net liquidity fund report (Form DJ.1).
•The SEC found that the reported asset totals showed no significant change despite the theft having occurred.
•The SEC accused Bitkub of violating Section 76 of the Emergency Decree on Digital Asset Businesses 2018 for entering false statements in documents.
•The SEC accused directors Sakolkorn Sarakavee and Taweesap Rawarn of violating Section 94 and Section 76 of the Emergency Decree on Digital Asset Businesses 2018.
•The SEC believes Sakolkorn Sarakavee and Taweesap Rawarn entered false information into Form DJ.1 to mislead the SEC into believing customer assets were safe.
•Sakolkorn Sarakavee and Taweesap Rawarn are accused of violating Section 88 (2) of the Emergency Decree on Digital Asset Businesses 2018 for deceiving others via false entries in a legal entity's documents.

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SEC(ก.ล.ต.)

The regulatory body that investigated Bitkub and submitted evidence to the ECD.

ECD(ปอศ.)

The Economic Crime Suppression Division where the SEC submitted evidence and complaints.

A digital asset exchange accused of concealing a 1.7 billion baht hack via false reports.

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

Superintendent 3 of the ECD who met with SEC officials.

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

Investigation Inspector of Subdivision 3, ECD who met with SEC officials.

Sakolkorn Sarakavee(สกลกรย์ สระกวี)

A director of Bitkub responsible for submitting Form DJ.1 and accused of filing false reports.

Taweesap Rawarn(ทวีทรัพย์ ราวรรณ์)

A director of Bitkub responsible for submitting Form DJ.1 and accused of filing false reports.

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

The legislation under which Bitkub and its directors are accused of violations.