Thailand’s Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub Online and two of its former directors, alleging that the company submitted false regulatory reports after a 2021 cyberattack that led to the loss of digital assets worth about 1.7 billion baht ($50 million).

According to an announcement published by Thailand’s SEC on Thursday, the complaint names Bitkub Online and former directors Sakolkorn Sakavee and Thaweesap Rawan. The allegations relate to information submitted in the exchange’s daily net liquid capital reports after a May 2021 wallet compromise.

The regulator said reports filed between May 10 and Oct. 30, 2021, did not accurately reflect the reduction in Bitkub’s digital asset holdings after attackers stole 16 different cryptocurrencies. According to the SEC, the omission made it appear that customer assets remained intact and that the exchange had not incurred losses from the incident.

Authorities said the stolen assets had been replaced by Oct. 31, 2021, but argued that the effect of the theft should still have been reflected in the regulatory reports submitted during the affected period. The complaint accuses Bitkub and the two former directors of violating multiple provisions of Thailand’s digital asset rules through the alleged false disclosures.

Net liquid capital reporting is a key supervisory tool for licensed digital asset businesses because it helps regulators assess whether an operator has sufficient resources and asset coverage while continuing to serve customers. In this case, the SEC’s allegation centers on the accuracy of those filings during the months before the stolen assets were replaced.

The SEC said the case will proceed through Thailand’s criminal investigation process before any decision is made on prosecution or court proceedings.

Bitkub disputes the allegations

Bitkub responded in a post on X, saying the matter concerns decisions over when to disclose the wallet compromise, not allegations of fraud or customer losses.

The exchange said it deliberately delayed announcing the incident because it wanted to avoid a potential bank run while it worked to recover from the theft. According to the company, its 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 said it has strengthened its governance framework, compliance procedures and security controls since the incident.

Founded in 2018, Bitkub has become Thailand’s largest cryptocurrency exchange. CoinGecko ranked the platform first among Thai exchanges by trust score, while its daily trading volume was about $712 million at the time of publication.

The complaint comes as Bitkub continues to consider a public listing. The company confirmed in December 2025 that it was exploring an initial public offering, including the possibility of listing in Hong Kong. For an exchange seeking public-market access, regulatory disclosures and unresolved enforcement matters are typically part of the due diligence reviewed by prospective investors, advisers and listing venues.

Cointelegraph said it contacted Bitkub for additional comment on the SEC complaint and the company’s IPO plans, but had not received a response by the time its report was published.

Thailand expands crypto oversight

The enforcement action comes as Thai authorities continue tightening oversight across several parts of the digital asset market.

Earlier this month, local outlet Thansettakij reported that the Bank of Thailand and the SEC had begun examining high-value stablecoin transactions after identifying transfers that may have bypassed normal financial reporting requirements. According to that report, BOT Governor Vitai Ratanakorn said authorities were using data analytics tools to review large transactions, particularly those involving Tether’s USDT, while assessing whether further regulatory action is needed.

The report said regulators have also increased scrutiny of large cash deposits and withdrawals, gold trading and bank accounts linked to online gambling as part of broader anti-money laundering efforts.

At the same time, Thailand has continued advancing policies intended to expand its regulated crypto market.

In February, the Thai government approved amendments recognizing cryptocurrencies as eligible underlying assets under the country’s Derivatives Trading Act. The changes allow regulated futures and options contracts to reference digital assets such as Bitcoin. After the approval, the SEC was assigned to draft detailed licensing rules and contract requirements for market participants.

The regulator later proposed easing licensing requirements for digital asset businesses by allowing firms to apply for derivatives licenses under a single corporate entity, rather than requiring separate companies.

During the consultation process, SEC Secretary-General Pornanong Budsaratragoon said the proposal would support crypto as an investment asset class while giving investors access to additional regulated products under appropriate supervisory safeguards.