Thailand’s Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub Online and two former directors, alleging the company submitted false regulatory reports after a major 2021 cyberattack.
The case relates to a hack in May 2021 in which 16 types of digital assets were stolen from the exchange. The regulator said the assets were worth about 1.7 billion baht, or roughly $48 million, at the time.
Regulator alleges false reporting
According to the SEC, Bitkub’s Form DA 1 net asset reports filed between May 10 and October 30, 2021 did not reflect any significant change in the company’s assets, despite the theft. The watchdog said the exchange only began procuring replacement assets from October 31, 2021.
The complaint was filed on July 23 against Bitkub Online as well as former directors Sakolkorn Sakavee and Thaweesap Rawan, who were identified as the people responsible for filing the relevant forms during that period. The SEC alleges the reports contained false statements submitted to the regulator following the hack.
Possible charges and next steps
Bitkub and the two former executives are accused under Thailand’s Digital Asset Business Decree. In addition, Sakavee and Rawan face a separate allegation of making false entries intended to mislead the regulator.
Under the process described in the source report, the case now moves to a police investigation before any indictment and trial. The complaint has been forwarded to the Economic Crime Suppression Division.
Bitkub defends its actions
Bitkub responded by saying it chose not to disclose the theft at the time in order to avoid triggering a bank run. The company argued that no customer was harmed and said its group co-founders personally bought replacement digital assets in the same currencies and quantities as those stolen.
According to Bitkub, those purchases ensured that neither the company nor its customers suffered losses. The exchange also said all customer assets remain intact today. In its statement, Bitkub pointed to its security standards and custody arrangements, and said the SEC had confirmed as of September 2025 that customer assets were safe and complete.
The company also warned against publication of information that could, in its view, create a misleading impression of its financial position, and said it may consider legal action.
Core dispute over disclosure
The dispute appears to hinge less on whether customers were eventually made whole than on whether Bitkub was permitted to withhold information about the theft from regulators when the incident occurred. The SEC’s complaint focuses on the accuracy of the exchange’s regulatory filings during the months after the hack, while Bitkub maintains that its response protected users and preserved the integrity of customer holdings.
The case now turns to investigators, who will examine whether the exchange’s reporting after the 2021 attack amounted to a violation of Thai digital asset rules.
Source: www.blockhead.co