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Bitkub faces criminal complaint over 2021 stolen-crypto reporting
Thailand's SEC alleges Bitkub daily net-capital filings failed to reflect a 2021 theft of about 1.7 billion baht before the exchange began replacing assets on Oct. 31, 2021.
Thailand's Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub Online and two former directors, alleging the company submitted daily net-capital reports that did not show the impact of a 2021 theft from customer assets. The SEC said the alleged incident began after a May 2021 cyberattack led to withdrawals of customer assets across 16 cryptocurrencies. In the regulator's view, Bitkub's Form DA 1 filings from May 10 through Oct. 30, 2021 failed to report any material change in the exchange's asset balance tied to the theft. The complaint, filed July 23, 2026 with Thailand's Economic Crime Suppression Division, names former directors Sakolkorn Sakavee and Thaweesap Rawan, whom the SEC said were responsible for the reports. The SEC alleges Bitkub made false statements and that the two former directors made false entries in company documents. According to the SEC, subsequent information indicates Bitkub began procuring replacement digital assets on Oct. 31, 2021, and the regulator did not state when that replacement process was completed. Bitkub acknowledged that disclosure personnel chose not to reveal that assets from one company wallet had been stolen, saying it was intended to prevent a bank run while replacement was underway, and it disputed that the accused individuals acted fraudulently, according to CryptoSlate. The case now moves through Thailand's criminal-action process, where an inquiry official will decide whether to recommend prosecution and a public prosecutor would then consider the file.