Thailand's SEC alleges Bitkub concealed cyberattack that led to $50 million hack
CoinDesk 2026-07-27 13:32:16
Context: Thailand's Securities and Exchange Commission (SEC) has alleged that cryptocurrency exchange Bitkub and two of its former directors concealed a cyberattack that led to the theft of around $50 million in May 2021. The SEC filed a criminal complaint against Bitkub, accusing the exchange of providing false information and alleging that former directors made false statements in company documents to deceive the regulator. The case will now proceed to a police investigation followed by possible public prosecution.
Key Facts
- The cyberattack on Bitkub occurred in May 2021, resulting in the theft of around 1.7 billion baht ($50 million) and the stealing of 16 different digital assets, according to the SEC's investigation.
- The SEC alleged that former directors Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to deceive the regulator.
- Bitkub and the SEC made good the losses by the end of October 2021, but the regulator discovered that Bitkub did not disclose the incident accurately in relevant reports from that period.
- The SEC filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), accusing the exchange of providing false information.
- Bitkub is Thailand's biggest crypto exchange, with a 24-hour trading volume of more than $500 million, and did not immediately respond to CoinDesk's request for comment.