Thailand’s Securities and Exchange Commission (SEC) alleged that cryptocurrency exchange Bitkub and two former executives covered up a cyberattack that led to the theft of about 1.7 billion baht ($50 million), according to local media reports on Thursday.
The SEC filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), accusing the exchange of providing false information and alleging that former directors Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to deceive the regulator, the reports said.
Bitkub was the victim of a cyber attack in May 2021, and 16 different digital assets were subsequently stolen, according to the SEC’s investigation.
SEC and Bitkub recovered the losses by the end of October of the same year. The regulator said it discovered that Bitkub did not accurately disclose the incident in relevant reports from that period.
The SEC’s case will now proceed to a police investigation followed by possible public prosecution, the reports said.
Bitkub is Thailand’s largest crypto exchange with 24-hour trading volume of more than $500 million. It did not immediately respond to CoinDesk’s request for comment.
