Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against Bitkub Online Co., Ltd., the country’s largest cryptocurrency exchange, along with two of its former directors. The complaint, submitted to the Cyber Crime Investigation Bureau on July 23, 2026, alleges that the company submitted false regulatory reports following a 2021 cyberattack that resulted in the loss of digital assets worth approximately 1.7 billion baht ($50 million).
According to the Thai SEC’s announcement, the complaint targets Bitkub Online and former directors Sakolkorn Sakavee and Thaweesap Rawan. The regulator claims that the exchange’s daily net liquid capital reports filed between May 10 and October 30, 2021, did not accurately reflect the reduction in digital asset holdings after attackers stole 16 different cryptocurrencies. The SEC argues that this omission created a misleading impression that customer assets remained intact and that no loss had occurred.
The stolen assets were eventually replaced by October 31, 2021, but the regulator insists the impact of the theft should have been declared during the reporting period. The complaint accuses Bitkub and the two former directors of violating multiple provisions of Thailand’s digital asset regulations through these alleged false disclosures. The case will now proceed through the country’s criminal investigation process before any decision on prosecution.
In response, Bitkub stated on social media that the case centers on decisions about when to disclose the wallet compromise rather than fraud or customer losses. The exchange said it deliberately delayed the announcement to prevent a potential bank run while it worked on recovery. The 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 noted it has since strengthened its governance, compliance, and security controls.
The enforcement action occurs as Thai authorities tighten oversight across the digital asset sector. Recently, the Bank of Thailand and the SEC began scrutinizing high-value stablecoin transactions, particularly those involving Tether’s USDT. Meanwhile, Thailand is also moving to expand regulated crypto markets, having approved amendments earlier this year that recognize cryptocurrencies as eligible underlying assets under the Derivatives Trading Act.
