Why did the Thailand SEC file a criminal complaint against Bitkub?

Thailand’s Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub Online and two of its former directors, alleging they submitted false regulatory reports after a 2021 cyberattack that resulted in the loss of digital assets worth about 1.7 billion baht ($50 million).

According to an announcement published by Thailand’s Securities and Exchange Commission (SEC) on Thursday, the complaint targets Bitkub Online, former directors Sakolkorn Sakavee and Thaweesap Rawan over information submitted in the exchange’s daily net liquid capital reports following the May 2021 hack.

The regulator alleged that the reports filed between May 10 and Oct. 30, 2021, did not accurately show the reduction in the exchange’s digital asset holdings after attackers stole 16 different cryptocurrencies. The SEC said the omission created the impression that customer assets remained intact and that the exchange had not suffered losses from the incident.

Authorities said the stolen assets were replaced by Oct. 31, 2021, but argued that the impact of the theft should have been reflected in the reports submitted during the period. The complaint accuses Bitkub and the two former directors of violating multiple provisions of Thailand’s digital asset regulations through the alleged false disclosures.

The SEC said the matter will now move through the country’s criminal investigation process before any decision on prosecution or court proceedings is made.

Bitkub disputes regulator’s allegations

Responding in a post on X, Bitkub said the case concerns decisions about when to disclose the wallet compromise rather than allegations of fraud or customer losses.

The exchange said it intentionally delayed announcing the incident because it wanted to prevent a potential bank run while it worked to recover from the theft. According to the company, its co-founders later purchased an equivalent amount of digital assets to replace the stolen funds, leaving customers and the company without financial losses.

Bitkub also said it has strengthened its governance framework, compliance procedures and security controls since the incident.

Founded in 2018, Bitkub has grown into Thailand’s largest cryptocurrency exchange. CoinGecko ranked the platform first among Thai exchanges by trust score, while its daily trading volume stood at about $712 million at the time of publication.

The complaint also comes as Bitkub continues to explore a public listing. The company confirmed in December 2025 that it was considering an initial public offering, including the possibility of listing in Hong Kong.

Cointelegraph said it contacted Bitkub for additional comment on the SEC complaint and the company’s IPO plans but had not received a response by the time the report was published.

Enforcement comes as Thailand expands crypto regulation

The enforcement action arrives as Thai authorities continue tightening oversight across different parts of the digital asset market.

Earlier this month, local outlet Thansettakij reported that the Bank of Thailand (BOT) and the SEC had begun examining high-value stablecoin transactions after identifying transfers that may have bypassed normal financial reporting requirements. According to the report, BOT Governor Vitai Ratanakorn said authorities were using data analytics tools to review large transactions, particularly involving Tether’s USDT, while assessing whether further regulatory action is required.

Beyond stablecoins, the report said regulators have also increased scrutiny of large cash deposits and withdrawals, gold trading and bank accounts linked to online gambling as part of anti-money laundering efforts.

At the same time, Thailand has continued moving ahead with policies designed to expand its regulated crypto market.

In February, the Thai government approved amendments recognizing cryptocurrencies as eligible underlying assets under the country’s Derivatives Trading Act, allowing regulated futures and options contracts to reference digital assets such as Bitcoin. Following the approval, the SEC was tasked with drafting detailed licensing rules and contract requirements for market participants.

The regulator later proposed easing licensing requirements for digital asset businesses by allowing firms to apply for derivatives licenses under a single corporate entity instead of establishing separate companies. 

During the consultation process, SEC Secretary-General Pornanong Budsaratragoon said the proposal would support crypto as an investment asset class while giving investors access to additional regulated products under appropriate supervisory safeguards.