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Thailand SEC alleges Bitkub concealed a May 2021 cyberattack
The regulator said Bitkub did not disclose the incident accurately in reports from the period, and it filed a criminal complaint with Thailand’s Economic Crime Suppression Division.
Thailand’s Securities and Exchange Commission has alleged that crypto exchange Bitkub and two of its former directors concealed a cyberattack that it says led to theft of about 1.7 billion baht, or roughly $50 million, in May 2021.
According to the SEC’s allegations, 16 different digital assets were stolen, and the exchange and former directors, Sakolkorn Sakavee and Thaweesap Rawan, made false statements in company documents to deceive the regulator. The SEC said the exchange and the regulator later made good the losses by the end of October 2021.
The SEC also said it discovered Bitkub did not disclose the incident accurately in relevant reports from that time. The regulator added that its case will proceed to a police investigation and could move to public prosecution.
Bitkub did not immediately respond to a request for comment, and the exchange is described as Thailand’s biggest crypto trading platform, with 24-hour trading volume of more than $500 million.