Thailand’s Securities and Exchange Commission (SEC) has accused crypto exchange Bitkub and two former executives of failing to disclose a cyberattack that led to the theft of roughly 1.7 billion baht ($50 million), according to local news reports.
The SEC filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), alleging that the exchange submitted false information and that former directors Sakolkorn Sakavee and Thaweesap Rawan made inaccurate statements in company records to mislead regulators.
The regulator’s investigation found that Bitkub suffered a cyberattack in May 2021, resulting in the theft of 16 different digital assets.
Bitkub and the SEC later restored the stolen funds, with the reimbursement process completed by October 2021. However, the SEC said it discovered that the exchange had not provided an accurate account of the incident in its reports and disclosures from that period.
The complaint will now proceed to a police investigation, which could be followed by a decision on whether to bring the case to public prosecution.
Bitkub, Thailand’s largest cryptocurrency trading platform, handles more than $500 million in daily trading volume. The exchange had not immediately issued a response to requests for comment.
