Thailand’s Securities and Change Fee has filed a legal grievance in opposition to crypto alternate Bitkub On-line and two of its former administrators, alleging they submitted false regulatory studies after a 2021 cyberattack that resulted within the lack of digital property value about 1.7 billion baht ($50 million).
Abstract
- Thailand’s SEC has filed a legal grievance in opposition to Bitkub and two former administrators over alleged false reporting linked to its 2021 cyberattack.
- Bitkub stated it delayed disclosing the hack to forestall a financial institution run and later changed all stolen digital property with out buyer losses.
- The case comes as Thailand continues increasing crypto rules whereas rising enforcement throughout the digital asset sector.
In response to an announcement printed by Thailand’s Securities and Change Fee (SEC) on Thursday, the grievance targets Bitkub On-line, former administrators Sakolkorn Sakavee and Thaweesap Rawan over info submitted within the alternate’s day by day web liquid capital studies following the Might 2021 hack.
The regulator alleged that the studies filed between Might 10 and Oct. 30, 2021, didn’t precisely present the discount within the alternate’s digital asset holdings after attackers stole 16 completely different cryptocurrencies. The SEC stated the omission created the impression that buyer property remained intact and that the alternate had not suffered losses from the incident.
Authorities stated the stolen property have been changed by Oct. 31, 2021, however argued that the influence of the theft ought to have been mirrored within the studies submitted throughout the interval. The grievance accuses Bitkub and the 2 former administrators of violating a number of provisions of Thailand’s digital asset rules by means of the alleged false disclosures.
The SEC stated the matter will now transfer by means of the nation’s legal investigation course of earlier than any determination on prosecution or courtroom proceedings is made.
Bitkub disputes regulator’s allegations
Responding in a put up on X, Bitkub stated the case issues selections about when to reveal the pockets compromise relatively than allegations of fraud or buyer losses.
The alternate stated it deliberately delayed asserting the incident as a result of it wished to forestall a possible financial institution run whereas it labored to get better from the theft. In response to the corporate, its co-founders later bought an equal quantity of digital property to exchange the stolen funds, leaving prospects and the corporate with out monetary losses.
Bitkub additionally stated it has strengthened its governance framework, compliance procedures and safety controls for the reason that incident.
Based in 2018, Bitkub has grown into Thailand’s largest cryptocurrency alternate. CoinGecko ranked the platform first amongst Thai exchanges by belief rating, whereas its day by day buying and selling quantity stood at about $712 million on the time of publication.
The grievance additionally comes as Bitkub continues to discover a public itemizing. The corporate confirmed in December 2025 that it was contemplating an preliminary public providing, together with the potential of itemizing in Hong Kong.
Cointelegraph stated it contacted Bitkub for added touch upon the SEC grievance and the corporate’s IPO plans however had not obtained a response by the point the report was printed.
Enforcement comes as Thailand expands crypto regulation
The enforcement motion arrives as Thai authorities proceed tightening oversight throughout completely different components of the digital asset market.
Earlier this month, native outlet Thansettakij reported that the Financial institution of Thailand (BOT) and the SEC had begun inspecting high-value stablecoin transactions after figuring out transfers that will have bypassed regular monetary reporting necessities. In response to the report, BOT Governor Vitai Ratanakorn stated authorities have been utilizing knowledge analytics instruments to evaluation giant transactions, notably involving Tether’s USDT, whereas assessing whether or not additional regulatory motion is required.
Past stablecoins, the report stated regulators have additionally elevated scrutiny of enormous money deposits and withdrawals, gold buying and selling and financial institution accounts linked to on-line playing as a part of anti-money laundering efforts.
On the similar time, Thailand has continued shifting forward with insurance policies designed to broaden its regulated crypto market.
In February, the Thai authorities authorised amendments recognizing cryptocurrencies as eligible underlying property beneath the nation’s Derivatives Buying and selling Act, permitting regulated futures and choices contracts to reference digital property resembling Bitcoin. Following the approval, the SEC was tasked with drafting detailed licensing guidelines and contract necessities for market members.
The regulator later proposed easing licensing necessities for digital asset companies by permitting corporations to use for derivatives licenses beneath a single company entity as a substitute of creating separate firms.
Through the session course of, SEC Secretary-Basic Pornanong Budsaratragoon stated the proposal would assist crypto as an funding asset class whereas giving buyers entry to further regulated merchandise beneath acceptable supervisory safeguards.
