The Office of the Securities and Exchange Commission stated that The Securities and Exchange Commission (SEC) at its meeting No. 13/2522 on October 6, 2022, by virtue of Section 35, paragraph one of the Royal Decree on the Business of Digital Assets B.E. Giving Bitkub Online Co., Ltd. (Bitkub) to rectify actions that may cause damage to the public By coordinating with the KUB token issuer to amend the technology standards of the KUB token project and amend the section adminTransfer (a system that allows administrators to transfer digital assets from any digital asset wallet) to limit the systemic impact of KUB token holders’ digital assets exposure to unauthorized access to such systems; Taking into account the technical remediation (by design) and minimizing the likelihood of human intervention, Bitkub shall provide clear evidence of such remediation to the SEC within 30 days from October 6. 2022 and allow Bitkub to disclose the risks associated with adminTransfer of KUB coins on Bitkub website within 3 days from 6 October 2022
Incidentally, according to the SEC in meetings No. 7/22 and No. 10/2022, it was resolved to order Bitkub to rectify the selection and approval of KUB coins to provide services in the internal digital asset exchange. On August 4, 2022, Bitkub coordinated with the KUB token issuer to amend the technology standard of the KUB coin project in accordance with the decision of the Bitkub Digital Asset Selection Committee (May 5, 2021) by Bitkub. There was a letter dated August 4, 2022 explaining the amendments to the selection and approval of KUB coins to provide trading services in the digital asset exchange center. ready to submit relevant documents
The SEC has considered Bitkub’s statement of facts and other relevant documents. Found a new fact that The technology of the KUB coin project has an adminTransfer system. This might pose a risk that malicious actors will be able to transfer digital assets from any digital asset wallet if they gain access to the system. In addition, there is no technical control (technical control), so it can be considered that Bitkub offers KUB coin trading service with adminTransfer. which has not yet taken into account the risks mentioned above It is an operation that may cause damage to the people.
