In a criminal complaint filed by the Securities and Exchange Commission (SEC) of Thailand, the cryptocurrency exchange Bitkub and two of its former directors are accused of concealing information about a hack that led to the theft of almost 1.7 billion baht, or $50 million. The regulator’s claims that the company provided false information to authorities following the security breach in 2021 will now be looked at by the police.
The SEC claims that in May 2021, Bitkub had a significant cyberattack in which hackers took 16 distinct digital assets from the exchange. The regulator’s inquiry revealed that the business did not appropriately mention the occurrence in its official filings, even though consumer losses were fully paid by the end of October that year.
Former directors Sakolkorn Sakavee and Thaweesap Rawan are also named in the criminal case. In order to deceive authorities during the security breach probe, the SEC claims that both people fabricated fraudulent representations in corporate records.
Authorities will assess if there is enough evidence to bring criminal charges before deciding whether to forward the matter to prosecutors.
The case emphasizes how crucial prompt disclosure and openness are becoming in the bitcoin sector. Global regulators are increasingly concentrating on avoiding cyberattacks as well as making sure that exchanges deliver correct information in the case of a security issue.
For cryptocurrency exchanges, timely and truthful notification of breaches has become crucial to upholding investor trust and adhering to legal regulations. As the Bitkub case proceeds through Thailand’s judicial system, industry players and regulators will probably keep a close eye on it.
Source: sec.or.th
JUST IN: 🔒 Thailand’s SEC alleges Bitkub concealed a $50M cyberattack from regulators and users. Hiding a nine-figure hack isn’t a compliance gap. It’s a cover-up. pic.twitter.com/44n07eKBT2
— Watcher.News (@watchernewsx) July 27, 2026
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