Thailand's SEC alleges Bitkub concealed cyberattack that led to $50 million hack

Thailand’s SEC alleged that cryptocurrency exchange Bitkub and two of its former directors concealed a cyberattack that led to the theft of around 1.7 billion baht ($50 million) in May 2021.The SEC alleged that Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to deceive the regulator.While the SEC and Bitkub made good the losses by the end of October that year, the regulator said it discovered that Bitkub did not disclose the incident accurately in relevant reports from that period.Thailand’s Securities and Exchange Commission (SEC) alleged that cryptocurrency exchange Bitkub and two former directors concealed a cyberattack that led to the theft of around 1.7 billion baht ($50 million), according to reports in local media on Thursday.The SEC filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), accusing the exchange of providing false information and alleging that former directors Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to deceive the regulator, the reports said.Bitkub was the victim of a cyberattack in May 2021, and 16 different digital assets were subsequently stolen, according to SEC’s investigation. The SEC and Bitkub made good the losses by the end of October that year. The regulator said it discovered Bitkub did not disclose the incident accurately in relevant reports from that period.The SEC’s case will now proceed to a police investigation followed by possible public prosecution, the reports said.Bitkub is Thailand’s biggest crypto exchange, with 24-hour trading volume of more than $500 million. It did not immediately respond to CoinDesk’s request for comment.12345678910Crypto Flows, Share and the Selective RotationCrypto Flows, Share and the Selective RotationMarkets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.Why it matters:Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.View Full Report