Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against cryptocurrency exchange Bitkub and two former executives, alleging the company concealed details of a 2021 cyberattack that resulted in the theft of roughly $50 million in digital assets.
According to the Bangkok Post, Bitkub provided misleading information to the regulator about the incident. The case has now been referred to the Economic Crime Suppression Division (ECD), where it may proceed to a criminal investigation.
SEC alleges false disclosures by Bitkub executives
The regulator alleges that former directors Sakolkorn Sakavee and Thaweesap Rawan submitted false corporate documents to mislead the SEC about the circumstances of the breach.
The investigation found that Bitkub suffered a cyberattack in May 2021, during which hackers stole 16 different digital assets worth approximately 1.7 billion baht (about $50 million).
The exchange fully compensated affected customers by the end of October 2021. However, the SEC claims Bitkub failed to provide complete and accurate disclosures about the incident in its mandatory regulatory filings.
Bitkub has not publicly responded to the allegations. According to CoinMarketCap, it remains Thailand's largest cryptocurrency exchange, with more than $500 million in daily trading volume.
Thailand tightens oversight of the crypto sector
The complaint against Bitkub comes as Thailand continues to strengthen oversight of the digital asset industry. The Bank of Thailand recently announced plans to tighten supervision of stablecoin transactions as part of broader efforts to combat money laundering, illicit financing, and the underground economy.
Regulators will pay particular attention to transactions involving Tether (USDT), cash, and foreign exchange operations. The central bank also plans to work with the SEC to analyze large stablecoin transactions and identify potentially illicit financial flows.
Earlier, Thailand expanded its derivatives legislation to include digital assets. Following government approval of the amendments, Bitcoin and other cryptocurrencies will be eligible to serve as underlying assets for regulated derivatives traded in the country.
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