Thailand’s Securities and Exchange Commission (SEC) has accused cryptocurrency exchange Bitkub and two former executives of concealing a cyberattack that resulted in the theft of around 1.7 billion baht ($50 million), according to reports from local media.
The regulator submitted a criminal complaint against Bitkub to the Economic Crime Suppression Division (ECD), alleging that the exchange provided misleading information about the incident. The SEC also claimed former directors Sakolkorn Sakavee and Thaweesap Rawan included inaccurate statements in corporate documents in an attempt to mislead authorities.
The investigation found that Bitkub was targeted in a cyberattack in May 2021, which resulted in the theft of 16 different cryptocurrencies.
Bitkub and the SEC later compensated affected losses, with the process completed by the end of October 2021. However, the regulator alleged that the exchange did not accurately report details of the breach in filings and disclosures made at the time.
The complaint will now move into a police investigation phase, after which prosecutors may decide whether to pursue the case in court, according to reports.
Bitkub is Thailand’s largest crypto exchange, handling more than $500 million in daily trading activity. The company had not provided an immediate response to requests for comment.
