Thai SEC Accuses Bitkub of Hiding $51M Hack

Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against Bitkub, the country's largest crypto exchange. The regulator accused Bitkub of concealing a 2021 hack that resulted in the theft of approximately $51 million worth of cryptocurrency.

The SEC said hackers stole around 1.7 billion Thai baht from Bitkub in May 2021, but daily filings submitted by the company between May 10 and October 30 showed no material change in its assets. The regulator alleged that these reports contained false information, giving the impression that customer assets were being held normally and that the company had suffered no damage.

Bitkub acknowledged that it did not disclose the theft immediately, citing a desire to prevent a bank run. However, the exchange denied any fraudulent conduct by its former directors, Sakolkorn Sakavee and Thaweesap Rawan, who were responsible for submitting the reports.