Thailand’s Securities and Exchange Commission (SEC) has accused cryptocurrency exchange Bitkub and two of its former executives of concealing a cyberattack that resulted in the theft of approximately 1.7 billion baht ($50 million) in May 2021.
The SEC's allegations, reported by local media on Thursday, claim that former directors Sakolkorn Sakavee and Thaweesap Rawan provided misleading information in company documents to mislead regulators.
According to the SEC's investigation, the cyberattack led to the theft of digital assets from 16 different wallets. Despite the incident, both the SEC and Bitkub managed to recover the losses by the end of October 2021. However, the SEC later found that Bitkub failed to accurately report the incident in its relevant disclosures.
The regulator has now filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), and the case is set to undergo further police investigation, which may lead to public prosecution.
As Thailand's largest cryptocurrency exchange, Bitkub boasts a trading volume exceeding $500 million daily. However, the company has not yet responded to CoinDesk's request for comments regarding these allegations.