Thailand SEC files complaint against Bitkub over disclosures
Thailand SEC files complaint against Bitkub Online and two former directors over alleged false disclosures linked to a May 2021 cyberattack that stole about $50 million in digital assets. The case puts fresh scrutiny on reporting standards at one of Thailand’s largest crypto exchanges as its parent company considers a potential public listing.
Key Takeaways
- Thailand’s Securities and Exchange Commission filed a criminal complaint against Bitkub Online and former directors Sakolkorn Sakavee and Thaweesap Rawan.
- The case centers on alleged false reporting after a May 2021 hack involving about 1.7 billion baht ($50 million) across 16 types of digital assets.
- The SEC says net liquid capital reports from May 10 to Oct. 30, 2021, did not show a significant drop in assets after the theft.
- Bitkub disputes fraud claims, saying disclosure was delayed to avoid a bank run and that co-founders later covered the losses.
- The complaint lands as Bitkub’s parent weighs a possible IPO, including a potential Hong Kong listing.
What did the Thailand SEC allege against Bitkub?
According to Cointelegraph, Thailand’s SEC announced on Thursday that it filed a criminal complaint against Bitkub Online and two former directors over alleged false disclosures tied to the 2021 cyberattack.
The regulator said the May 2021 attack stole 16 types of digital assets worth about 1.7 billion baht, or roughly $50 million. It alleged Bitkub later replaced the stolen assets by Oct. 31, 2021, but failed to accurately reflect the incident’s impact in daily net liquid capital reports.
The SEC said filings between May 10 and Oct. 30, 2021, did not show a significant reduction in the exchange’s assets after the theft. That omission, the regulator alleged, gave the impression customer assets remained unchanged and the exchange had not suffered losses. The SEC accused Bitkub and the former directors of violating multiple provisions of Thailand’s digital asset rules. The case now moves toward investigation, possible prosecution, and court proceedings.
How has Bitkub responded to the complaint?
Bitkub disputed the SEC’s allegations in a post on X, saying the matter stems from disclosure decisions after the May 2021 cyberattack rather than fraudulent conduct. The exchange said it delayed revealing the wallet compromise to prevent a bank run while it addressed the stolen assets.
The company said its co-founders later purchased equivalent digital assets to cover the funds, leaving neither the firm nor its customers with financial losses. Bitkub added that it has since strengthened governance, compliance, and security systems. Cointelegraph said it sought further comment on the complaint and IPO plans but had not received a response by publication.
Why does this matter for Thailand’s crypto market?
Bitkub, founded in 2018, is among Thailand’s largest crypto exchanges. CoinGecko data cited by Cointelegraph ranked it first among Thai platforms by trust score, with about $712 million in daily trading volume at the time of reporting.
In December 2025, Bitkub confirmed it was considering an IPO, including a possible Hong Kong listing. A criminal complaint over alleged false disclosures therefore lands at a sensitive moment for transparency and governance. For more coverage of exchange probes and market alerts, follow BlasterPost’s Fintech & Crypto Alerts hub.