Thailand’s Securities and Exchange Commission (SEC) has accused Bitkub, the country’s largest cryptocurrency exchange, and two former directors of concealing a cyberattack in May 2021 that resulted in the theft of approximately 1.7 billion baht, or $50 million.
According to local media reports, the SEC filed a criminal complaint against Bitkub with the Economic Crime Suppression Division, alleging the company provided false information about the incident. Former directors Sakolkorn Sakavee and Thaweesap Rawan are said to have made misleading statements in official documents to deceive regulators.
The cyberattack targeted 16 different digital assets on Bitkub's platform. While both the SEC and Bitkub managed to recover the stolen funds by October 2021, the regulator claims the exchange failed to accurately report the breach in filings during that period.
Following the SEC's complaint, the case will move into a police investigation phase, with the possibility of public prosecution. Bitkub, which handles over $500 million in daily trading volume, has not yet commented on the allegations.
The material is for informational purposes and is not financial advice.
