Thai SEC Probes Bitkub Over Alleged $50M Crypto Hack Cover-Up

The Thai Securities and Exchange Commission (SEC) has submitted additional evidence to police regarding allegations that Bitkub Online concealed a major hack in 2021.

The incident, which occurred in May 2021, resulted in the theft of approximately 1.7 billion baht worth of digital assets across 16 cryptocurrencies.

According to the SEC, Bitkub failed to accurately disclose the theft in its daily net liquid capital reports between May 10 and October 30, 2021.

The regulator alleges that the exchange's two former directors, Sakolkorn Sakavee and Thaweesap Rawan, were responsible for submitting these reports and entered false information to mislead the regulator.