Thailand’s Crypto Giant Bitkub Hit With Allegations Over Hidden $50M Attack

Thailand’s Securities and Exchange Commission (SEC) has alleged that crypto exchange Bitkub and two former executives concealed a cyberattack that caused losses of approximately 1.7 billion baht ($50 million), according to reports from local media outlets.

The regulator filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), accusing the exchange of submitting inaccurate information. The SEC also alleged that former directors Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to mislead regulators.

According to the SEC’s investigation, Bitkub was targeted by hackers in May 2021, resulting in the theft of 16 separate digital assets from the platform.

The exchange and the regulator later covered the losses, with compensation completed by the end of October 2021. However, the SEC claimed that Bitkub failed to provide a complete and accurate disclosure of the attack in reports submitted during that period.

The case will now move forward with a police investigation, followed by a possible review for public prosecution, according to local reports.

Bitkub, Thailand’s largest cryptocurrency exchange, records more than $500 million in daily trading volume. The company had not immediately responded to requests for comment.