The Securities and Exchange Commission (SEC) of Thailand issued a penalty against cryptocurrency exchange Bitkub’s CTO Samret Wajanasathian accusing him of insider trading.
According to the notice, the SEC penalized CTO Samret Wajanasathian for 8,530,383 baht, or about $234,000 at the time of writing.
Following an inquiry by the SEC, Samret Wajanasathian is given a 12-month suspension from holding executive positions because the regulator found that Samrong had exploited inside information from the company to trade Bitkub Coin (KUB).
The statement notes “This is inside information about Bitkub. On November 2, 2021, the transaction price of the KUB token increased compared to the pre-disclosure period. The highest price of the day was at 99.99 baht, an increase of 101% from 49.53 baht, which is the last price before the disclosure of information.”
Between September 4 and November 2, 2021, Mr. Samret purchased 61,107.66 Bitkub coins (KUB) for a total of 1.99 million baht, according to the SEC report.
The Thai SEC claimed Wajanasathian bought the KUB tokens ahead of a contract that had been made public, according to which Siam Commercial Bank, or SCB, would buy a 51% interest in the cryptocurrency exchange.
Although he was removed from the company website, Wajanasathian’s LinkedIn profile indicated that his job at Bitkub had not changed as of the time of writing.
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