Thailand’s Securities and Exchange Commission (SEC) has brought criminal charges against Bitkub Online Co., Ltd. and two former directors, alleging they submitted false regulatory disclosures following a major cyberattack in 2021. Former directors Sakolkorn Sakavee and Thaweesap Rawan were named in the complaint after regulators concluded that inaccurate financial information had been submitted over several months.
According to the SEC, allegations relate to reporting made after a cyberattack in May 2021 that led to the loss of 16 digital assets worth about 1.7 billion baht, or nearly $50 million. Bitkub replaced all stolen assets by October 31, 2021, but regulators argue that financial reports filed before that date failed to show the losses correctly.
Authorities said the daily net liquid capital reports submitted between May 10 and October 30, 2021, did not reflect the financial impact of the breach. Regulators believe the filings presented a stronger financial position than the actual conditions during the period following the attack.
SEC Alleges Misleading Financial Disclosures
The SEC said the reported conduct may have violated Section 76 of Thailand’s Emergency Decree on Digital Asset Businesses, which sets reporting requirements for licensed digital asset operators. The regulator said licensed firms must provide accurate financial disclosures so regulators can properly assess their financial condition.
A criminal complaint was filed around July 23, 2026, before being forwarded to Thailand’s Economic Crime Suppression Division for further investigation. Responsibility for the next stage of the case now lies with law enforcement authorities.
The Thai SEC said the investigation focuses on whether Bitkub’s reported financial information failed to include losses caused by the security breach. The complaint seeks to hold both Bitkub and former executives accountable for disclosures that the SEC considers inaccurate during the reporting period.
Bitkub’s Past Cases Add Regulatory Pressure
Bitkub has faced regulatory action before the current proceedings. Earlier cases included an insider trading penalty involving the exchange’s chief technology officer, as well as civil penalties over allegations of artificial trading volume manipulation.
Another notable development involved Siam Commercial Bank’s planned acquisition of the exchange in a deal valued at about $500 million. The acquisition ultimately fell through as regulatory concerns remained unresolved, further increasing scrutiny of the exchange.
The current criminal action marks a stronger enforcement step than earlier measures. Rather than relying only on civil or administrative penalties, Thai regulators are now pursuing criminal proceedings over alleged disclosure failures linked to financial reporting.
