Thailand's Securities and Exchange Commission (SEC) filed a criminal complaint on July 23, 2026, against Bitkub Online Co., Ltd. and two of its former directors, accusing the cryptocurrency exchange of submitting false information regarding customer assets following a major cyberattack in May 2021.

Bitkub is one of Thailand's largest licensed digital asset exchanges and has operated under the country's Digital Asset Businesses Emergency Decree, the regulatory framework enacted in 2018 to license and oversee digital asset operators in Thailand.

The complaint names former directors Sakolkorn Sakavee and Thaweesap Rawan, who were responsible for Bitkub's daily net capital filings during the period under review. According to the SEC, both individuals submitted Form DA 1 reports between May 10 and October 30, 2021, that failed to reflect material changes in the exchange's asset balance following the breach.

Cyberattack and Asset Loss

In May 2021, Bitkub suffered a cyberattack that resulted in unauthorized withdrawals involving 16 different cryptocurrencies. The SEC valued the affected customer assets at approximately 1.7 billion baht. Bitkub subsequently acquired replacement digital assets beginning October 31, 2021. Regulators compared this remedial action with the reports submitted during the preceding months and concluded that the filings presented an inaccurate picture of customer asset custody.

The SEC contends that the Form DA 1 reports created a false impression that customer assets were being held normally, despite the significant losses from the attack. Form DA 1 filings are a core regulatory mechanism under the Emergency Decree, designed to provide the SEC with ongoing visibility into whether licensed exchanges maintain sufficient digital assets to cover customer holdings.

Legal Charges

The complaint invokes multiple provisions of Thailand's Digital Asset Businesses Emergency Decree:

• Section 76: Covers the submission of false statements regarding customer asset custody.
• Section 94: Addresses the responsibilities of directors in ensuring accurate regulatory filings.
• Section 88(2): Covers the recording of false entries in company records intended to deceive another party.

Authorities allege that Sakolkorn and Thaweesap recorded false information in Bitkub's legal documents, suggesting that no damage had occurred from the cyberattack.

Investigation Process

The SEC has referred the complaint to the Economic Crime Suppression Division for formal investigation. Inquiry officers will gather evidence and assess whether the case merits prosecution. If the investigation proceeds, public prosecutors will review the findings and determine whether to file formal charges in court.

The SEC emphasized that the filing of a criminal complaint is an investigative step and does not constitute a conviction. Liability will be determined by the courts if charges are brought forward.

As of the SEC announcement, Bitkub had not issued a public response. The regulator also withheld details regarding the specific cryptocurrencies and quantities involved in the incident.

Investor Advisory

Alongside the complaint, the SEC issued a broader warning to investors about unauthorized digital asset operators. The regulator noted that customers using unlicensed platforms may lack legal protections and could face risks related to fraud, restricted withdrawals, or money laundering.

The SEC encouraged investors to verify whether a digital asset business is licensed through the SEC official website and the SEC Check First mobile application. Suspicious activity can be reported via Hotline 1207 or through the regulator's online channels.