$50 Million Shock for the Country’s Largest Crypto Exchange: Hidden Hack Results in Criminal Complaint Years Later
The Thailand Securities and Exchange Commission (SEC) has filed a criminal complaint against Bitkub, the country’s largest cryptocurrency exchange, accusing it of concealing a massive $50 million cyberattack and providing false information to authorities.
In Bangkok, Thailand’s financial center known for its modern skyline, a legal battle that has shaken the cryptocurrency world has begun. The Thailand SEC alleged that local crypto exchange Bitkub and two of the company’s former executives concealed a massive cyberattack that occurred in 2021 from regulatory authorities. The agency claims that the exchange and its executives misled the public and auditors by falsifying documents.
According to detailed investigations, 16 different digital assets were stolen as a result of a security breach that took place in May 2021. The total value of these assets is reported to be approximately 1.7 billion baht, or around $50 million. The SEC maintains that reports prepared during that period did not reflect the truth and that the scale of the attack was intentionally hidden.
Serious Allegations Against Bitkub and Its Executives
Within the scope of the investigation, former directors Sakolkorn Sakavee and Thaweesap Rawan are alleged to have covered up the facts instead of protecting the company and investors. The SEC emphasized that while losses were somehow compensated at the time, irregularities and false statements in the reporting process constitute a crime. The case file, submitted to the Economic Crime Suppression Division (ECD), has paved the way for a difficult period for the exchange.
With a daily trading volume exceeding $500 million, Bitkub is Thailand’s largest trading platform. While company officials have not yet made an official statement, the case is expected to turn into a public prosecution following the police investigation. This development once again demonstrates how much cryptocurrency regulations and oversight mechanisms in the region have tightened.