Thailand’s SEC Accuses Bitkub of Hiding $50M Cyberattack From Public

Thailand’s Securities and Exchange Commission (SEC) has accused crypto exchange Bitkub and two former executives of hiding a cyberattack that resulted in the theft of approximately 1.7 billion baht ($50 million), according to local media reports.

The regulator filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), alleging that the exchange provided inaccurate information about the incident. The SEC also claimed that former directors Sakolkorn Sakavee and Thaweesap Rawan submitted misleading statements in company documents intended to misinform regulators.

According to the SEC’s investigation, Bitkub suffered a cyberattack in May 2021 that resulted in the theft of 16 different digital assets.

The regulator and Bitkub later covered the losses, with the matter being resolved by the end of October 2021. However, the SEC said its investigation found that the exchange failed to properly disclose details of the attack in official reports during that period.

The case will now move forward with a police investigation and could eventually lead to public prosecution, according to reports.

Bitkub, Thailand’s largest cryptocurrency exchange, processes more than $500 million in daily trading volume. The company had not immediately responded to requests for comment.