Thai SEC Accuses Bitkub of Hiding $50 Million Hack
The Thai Securities and Exchange Commission (SEC) has accused Bitkub of concealing a cyberattack that led to a $50 million hack. The alleged attack occurred in May, although details about it were not disclosed until now. Bitkub is a major cryptocurrency exchange operating in Thailand.
According to the SEC, Bitkub failed to report the breach and its full extent, including the loss of funds, within the required time frame. The regulator claims that this lack of transparency led to further losses for users. No one was quoted by name in the source, but a statement from the Thai SEC said they are investigating the matter.
The incident highlights concerns about security and compliance in the cryptocurrency industry. While Bitkub's exact role in the hack is unclear, the allegations against it have sparked debate among industry participants.