Thailand's SEC alleges Bitkub concealed cyberattack that led to $50 million hack
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Summary
Thailand’s Securities and Exchange Commission (SEC) has accused Bitkub, the country’s largest cryptocurrency exchange, and two of its former directors of concealing a cyberattack that resulted in the theft of approximately 1.7 billion baht, equivalent to $50 million, in May 2021. The SEC alleges that Sakolkorn Sakavee and Thaweesap Rawan submitted false statements in company documents to mislead the regulator about the incident.
The cyberattack led to the theft of 16 different digital assets from Bitkub. While both the SEC and Bitkub managed to recover and cover the losses by the end of October 2021, the regulator found that Bitkub failed to disclose the event accurately in the reports issued during that period. This omission has prompted the SEC to file a criminal complaint with Thailand’s Economic Crime Suppression Division, alleging that the exchange provided false information.
Why it matters
The case will now move forward with a police investigation and may result in public prosecution. Bitkub, which handles a daily trading volume exceeding $500 million, did not respond to CoinDesk’s request for comment. The SEC’s action highlights ongoing regulatory scrutiny of cryptocurrency exchanges regarding transparency and proper incident reporting.