Thai SEC Accuses Bitkub of False Disclosures Over $47 Million Hack
Bitkub is one of Thailand’s largest cryptocurrency exchanges, making its cybersecurity controls and regulatory disclosures important to confidence in the country’s digital-asset market. The platform suffered a cyberattack in 2021 that resulted in losses reported at about $47 million, or roughly $50 million in some accounts. The episode is drawing renewed scrutiny as Bitkub considers a public listing, putting its governance, transparency and risk-management practices in focus.
Thailand’s Securities and Exchange Commission has filed a criminal complaint against Bitkub and two former directors, alleging the exchange submitted false reports to regulators after the 2021 attack and concealed the scale of the digital-asset losses. The matter will proceed through Thailand’s law-enforcement process rather than being decided by the SEC itself. The complaint could complicate Bitkub’s listing ambitions and subject the company to closer regulatory review.
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The history behind this eventSouth Korean Police Raid Crypto Exchange Bithumb in Probe of Favoritism Toward Lawmaker's Son
Independent lawmaker Kim Byung-kee previously served on the National Assembly's Political Affairs Committee, which oversees the Financial Services Commission. Police suspect that between September and November 2024, he lobbied Bithumb and Upbit operator Dunamu to hire his second son. After Dunamu declined, Kim questioned the company during a National Assembly hearing. The probe centers on whether employment favors were sought in exchange for legislative pressure or protection.
The Seoul Metropolitan Police Agency's Public Crime Investigation Unit searched Bithumb's Gangnam headquarters and finance building at 9:40 a.m. on February 24. Kim's second son joined the company in January 2025 and worked there for about six months. Police conducted another search on June 8 and named CEO Lee Jae-won as a bribery suspect as they investigate whether the company accepted the request in exchange for favorable treatment in the National Assembly. No amount allegedly involved has been disclosed, and the allegations remain subject to judicial determination.
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