Thailand's SEC Accuses Bitkub of Hiding Details of $50 Million Cyberattack

The Securities and Exchange Commission (SEC) of Thailand has leveled serious accusations against Bitkub, the country's largest cryptocurrency exchange, along with two former executives, for allegedly hiding details of a significant cyberattack that occurred in May 2021. This attack reportedly led to the theft of around 1.7 billion baht (approximately $50 million).

According to reports from local media, former executives Sakolkorn Sakavee and Thaweesap Rawan are accused of providing false information in official documents, which misled regulatory authorities regarding the incident.

Following the cyberattack, which impacted 16 wallets, both the SEC and Bitkub reportedly managed to recover the stolen assets by the end of October 2021. However, the SEC's investigation revealed that Bitkub did not properly disclose the incident in its communications with regulators.

In response to these findings, the SEC has filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD). This case is now under police investigation and could potentially lead to public prosecution.

Bitkub, which sees daily trading volumes exceeding $500 million, has yet to issue a statement regarding these allegations.