W3BStation
Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/28/2026

Thailand SEC Accuses Bitkub of Concealing $50 Million Cyberattack

What happened: Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against Bitkub, one of the country's largest crypto exchanges, and two former directors for allegedly

Thailand SEC Accuses Bitkub of Concealing $50 Million Cyberattack

What happened: Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against Bitkub, one of the country's largest crypto exchanges, and two former directors for allegedly concealing a major cyberattack in May 2021. The hack resulted in the theft of 1.7 billion baht (approximately $50 million) across 16 digital assets. According to the SEC, Bitkub submitted false net-capital reports from May to October 2021, hiding the losses in violation of the Digital Asset Business Decree. The company and regulator reportedly restored all customer assets by October 2021, with a former director admitting he altered filings to prevent a potential bank run.

Why it matters: This case highlights persistent challenges around transparency and risk management in crypto exchanges, especially in emerging markets. While Bitkub ultimately compensated users, the concealment of such a significant breach for months raises questions about regulatory oversight and crisis management. The SEC's action signals a stricter enforcement stance, which could have broader implications for Thailand's digital asset industry and investor confidence.

Source: CoinDesk