Thailand’s Securities and Exchange Commission (SEC) has accused cryptocurrency platform Bitkub and two former directors of covering up a cyberattack that resulted in the loss of about 1.7 billion baht ($50 million), according to local media reports.

The regulator filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), alleging that the exchange provided misleading information about the incident. The SEC also accused former executives Sakolkorn Sakavee and Thaweesap Rawan of making false declarations in corporate documents to mislead authorities.

The SEC’s investigation found that Bitkub experienced a cyberattack in May 2021, during which hackers stole 16 different digital assets from the platform.

The exchange and the regulator later compensated for the losses, with the recovery process completed by October 2021. However, the SEC said Bitkub failed to accurately disclose the details of the breach in its reports and related filings at the time.

The matter will now move into a police investigation, with the possibility of further legal action through public prosecution, according to reports.

Bitkub remains Thailand’s largest cryptocurrency exchange, processing more than $500 million in daily trading volume. The company had not immediately responded to requests for comment.