Thailand’s Securities and Exchange Commission (SEC) claimed that cryptocurrency exchange Bitkub and two former directors covered up a cyberattack that led to the theft of around 1.7 billion baht ($50 million), according to local media on Thursday.
The SEC filed a criminal complaint against Bitkub with the Economic Crime Enforcement Division (ECD), accusing the exchange of providing false information and alleging that former directors Sakolkorn Sakavee and Thaweesap Rawan made false statements in company filings to mislead the regulator, according to reports.
Bitkub was the victim of a cyberattack in May 2021, and 16 different digital assets were subsequently stolen, according to the SEC investigation.
The SEC and Bitkub recovered their losses at the end of October of the same year. The regulator said it found that Bitkub failed to accurately disclose the incident in relevant reports from that period.
The SEC matter will now be the subject of a police investigation followed by possible criminal prosecution, according to reports.
Bitkub is Thailand’s largest crypto exchange, with a 24-hour trading volume of over $500 million. He did not immediately respond to CoinDesk’s request for comment.
