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Thai SEC punishes Bitkub CTO for trading Bitkub Coin on insider information

The Securities and Exchange Commission in Thailand took action against Samret Wajanasathian, the chief technology officer of the Thai crypto exchange Bitkub. The SEC fined him 8.5 million baht (~$234,000), and said they would bar him from serving as a director or executive at any crypto firms for a year.

The SEC reported that Wajanasathian had purchased around $61,000 of Bitkub Coin ($KUB) just before it was publicized that the Siam Commercial Bank would purchase a 51% stake in Bitkub. After the announcement, the value of KUB rose 100%.

Earlier that week, the SCM had announced they would not be following through on purchasing the planned $500 million stake in Bitkub, due to concerns over "various issues" that were raised by the Thai SEC.

Theme tags: Law, Shady business