Bitkub Accused of Hiding Cyberattack that Stole $50 Million

Thailand's Securities and Exchange Commission (SEC) has accused cryptocurrency exchange Bitkub of concealing a cyberattack that led to the theft of around $50 million. The SEC alleged that former directors Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to deceive the regulator.

The incident occurred in May 2021, when 16 different digital assets were stolen from Bitkub. The exchange was Thailand's biggest crypto exchange at the time, with a 24-hour trading volume of over $500 million.

According to the SEC, Bitkub did not accurately disclose the incident in relevant reports during that period. The regulator said it discovered the discrepancies and made good the losses by the end of October 2021.