Thailand's SEC Files Criminal Complaint Against Bitkub Over Alleged False Reports

Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against Bitkub Online Co. Ltd., a cryptocurrency exchange, over allegations that it filed false regulatory reports after a cyberattack in May 2021.

The hack resulted in the theft of 16 types of digital assets worth approximately 1.7 billion baht, and it took Bitkub almost four months to replace the stolen assets. The SEC claims that during this time, Bitkub filed daily net capital reports with the regulator that included false statements about its financial situation.

According to the SEC, the two former directors of Bitkub, Sakolkorn Sakavee and Thaweesap Rawan, were in charge of filing these reports and are now facing charges for inaccurate entries into company records. The matter has been referred to Thailand's Economic Crime Suppression Division (ECD) for further investigation.

Bitkub defended itself by stating that the SEC's complaint only pertains to reporting choices made between May and October 2021, and does not affect its current operations. The exchange claimed that it omitted details about the hack to prevent a bank run, which would have made it difficult to replace the lost funds.

Bitkub also stated that its co-founders personally purchased replacement digital assets in the same currencies and values as those lost, ensuring that customers suffered no losses. Additionally, the exchange noted that during a September 2025 inspection, the SEC verified that customer assets were safe.