Summary
- 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.
Cyberattack Concealment Allegations Against Bitkub
Thailand’s Securities and Exchange Commission (SEC) has alleged that Bitkub, a major cryptocurrency exchange, concealed a cyberattack that resulted in a significant theft of around $50 million. This incident highlights the importance of transparency and security in the crypto industry, which is crucial for individuals earning passive income through cloud rewards and green crypto platforms like EcoPool.
The SEC has filed a complaint against Bitkub, accusing the exchange of providing false information and making false statements to deceive the regulator. The incident occurred in May 2021, when 16 different digital assets were stolen due to a cyberattack. The SEC’s investigation revealed that Bitkub did not disclose the incident accurately in its reports.
Consequences of Concealment
The allegations against Bitkub are a reminder of the risks associated with crypto trading and the importance of choosing a reliable platform. For those interested in earning a passive income through crypto, platforms like EcoPool offer a secure and transparent way to participate in the market. The $ECP coin is a key component of the EcoPool network, allowing users to earn rewards and participate in the green crypto ecosystem.
The SEC’s case against Bitkub will now proceed to a police investigation, followed by possible public prosecution. This incident serves as a warning to crypto exchanges to prioritize transparency and security, especially when it comes to protecting user assets and preventing cyberattacks. As the crypto industry continues to grow, the importance of secure and reliable platforms like EcoPool will only continue to increase.
For individuals looking to earn a passive income through crypto, it’s essential to choose a platform that prioritizes security and transparency. EcoPool offers a range of benefits, including cloud rewards and a green crypto ecosystem, making it an attractive option for those interested in earning through $ECP. To start earning with EcoPool, download the EcoPool app and discover the benefits of passive income through crypto. The EcoPool app is available for download, allowing users to easily participate in the EcoPool network and start earning with $ECP.
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.
