Bitkub Faces Criminal Complaint from Thai SEC Over Misleading Disclosure Claims
Thai regulators have lodged a criminal complaint targeting Bitkub alongside two ex-directors, alleging they provided misleading disclosures regarding a 2021 hack that compromised $50 million worth of digital assets.
Regulatory pressure is mounting on Thailand's cryptocurrency sector following allegations that Bitkub, among the nation's leading digital asset trading platforms, submitted misleading information to government watchdogs.
On Thursday, Thailand's Securities and Exchange Commission (SEC) announced the filing of a criminal complaint targeting Bitkub Online along with two of its former directors, alleging inaccurate reporting in connection with a cyberattack that occurred in 2021.
The complaint specifically identifies Sakolkorn Sakavee and Thaweesap Rawan, former directors at Bitkub, whom the SEC indicated bore responsibility for filing corporate disclosures throughout the timeframe being examined.
This development arrives at a critical juncture as Bitkub's parent organization explores the possibility of going public, intensifying focus on corporate governance and operational transparency at one of Thailand's leading cryptocurrency platforms.
SEC alleges Bitkub failed to disclose impact of hack
According to the SEC, a cyberattack that took place in May 2021 led to the unauthorized removal of 16 different types of digital assets from Bitkub's systems, representing approximately 1.7 billion baht ($50 million) in value.
The regulatory body claimed that while Bitkub subsequently replenished the stolen digital assets by Oct. 31, 2021, the exchange neglected to properly document the incident's consequences in its routine net liquid capital disclosures.
The SEC maintains that submissions filed during the period spanning May 10 through Oct. 30, 2021, failed to demonstrate any substantial decrease in the platform's asset holdings subsequent to the security breach.
According to the regulator, this omission created a false impression suggesting that client assets remained intact and that the platform had avoided financial damage from the security incident.
The SEC has charged Bitkub and the two former directors with breaching several sections of Thailand's digital asset legal framework due to the purported inaccurate disclosures. The matter will now advance through investigative procedures, potential criminal prosecution and judicial review.
Bitkub says disclosure delayed to prevent bank run
In a statement posted on X, Bitkub challenged the SEC's characterization of events, asserting that the case originates from disclosure timing decisions implemented following the May 2021 security breach, not from intentional misrepresentation. The platform explained that it postponed announcing the wallet breach to avoid triggering a mass withdrawal event while it worked to compensate for the missing assets.
According to the company, its co-founders subsequently acquired equivalent digital currencies to replace the stolen holdings, resulting in zero financial impact to either the business or its user base. The platform further noted that it has since enhanced its corporate governance frameworks, regulatory compliance protocols and cybersecurity infrastructure.
Established in 2018, Bitkub has grown into one of Thailand's most prominent cryptocurrency trading venues. Data from CoinGecko shows the platform holds the top position among Thai digital asset exchanges based on trust score metrics and recorded approximately $712 million in daily trading volume as of publishing time.
In December 2025, Bitkub validated to Cointelegraph that the company was exploring an initial public offering (IPO), with Hong Kong being evaluated as a possible listing destination.
Cointelegraph contacted Bitkub seeking further commentary regarding the SEC's allegations and the company's public listing intentions but had not obtained a reply before press time.