TLDRs
- Thai regulators opened a criminal case against Bitkub over undisclosed 2021 wallet theft impacts.
- SEC says $47 million in digital assets was omitted from key filings.
- Bitkub claims customers were fully protected and no losses were ultimately suffered.
- Case highlights Thailand’s increasingly aggressive crackdown on crypto reporting and financial crimes.
Thailand has escalated its scrutiny of the country’s largest cryptocurrency exchange, Bitkub, after the Securities and Exchange Commission (SEC) filed a criminal complaint alleging that the platform failed to properly disclose the impact of a major 2021 wallet theft.
The complaint, submitted to Thailand’s Economic Crimes Suppression Division, targets Bitkub Online and two former company executives. Authorities will now investigate whether the exchange violated disclosure requirements under Thailand’s digital asset regulations by omitting material information from its financial reports following the cyberattack.
The case represents one of the most significant regulatory actions taken against a Thai crypto exchange and underscores the government’s increasingly aggressive approach to digital-asset oversight.
SEC Targets Exchange Filings
According to the SEC, approximately 1.7 billion Thai baht, or about $47 million, worth of 16 different digital assets were stolen from Bitkub in May 2021. The regulator alleges that the exchange’s daily net-worth reports filed between May 10 and October 30, 2021, did not reflect a significant reduction in assets resulting from the theft.
The SEC believes the omission created a misleading picture of Bitkub’s financial position and the condition of customer assets during that period. The complaint also names former directors Sakolkorn Sakawi and Thaweesap Rawan, who were responsible for filing the relevant reports.
Under Thailand’s Digital Asset Business Decree of 2018, licensed crypto operators are required to provide accurate and timely disclosures to regulators. The SEC argues that the alleged failure to report the impact of the theft may constitute a breach of those obligations.
Bitkub Defends Customer Protection
Bitkub has responded by insisting that customers were not harmed and that the exchange ultimately remained solvent. Company representatives said the theft of one wallet was not publicly disclosed at the time because some individuals feared that announcing the incident could trigger panic and a mass withdrawal of funds.
The exchange further stated that its co-founders later purchased digital assets of the same type and quantity as those stolen, using their own funds to restore the affected holdings. As a result, Bitkub maintains that neither the platform nor its customers suffered financial losses.
Bitkub also pointed to a later regulatory audit, saying the SEC reviewed customer assets in September 2025 and found them to be secure.
On 23 July 2026, news reports emerged regarding the Securities and Exchange Commission of Thailand (“SEC”) filing a complaint against Bitkub Online Co., Ltd. (the “Company”) and its former directors concerning the report of false information in the Company’s document during May -… pic.twitter.com/P8nSW3qRHq
— Bitkub.com (@BitkubOfficial) July 24, 2026
However, the regulator’s complaint focuses not on whether customers were eventually reimbursed, but on whether the company accurately informed authorities about the theft and its impact when the incident occurred.
Executive Admits Concealment Fears
Thai media reports indicate that former executive Sakolkorn Sakawi acknowledged altering reports and withholding information about the hack because of concerns that disclosure could spark market panic.
If confirmed during the investigation, such admissions could become a key element of the prosecution’s case. The SEC argues that inaccurate records may have prevented regulators from fully assessing the safety of customer assets and the extent of any damage to the exchange.
The criminal process in Thailand will involve an investigation by economic-crime authorities, a decision by prosecutors on whether to pursue charges, and, if charges are approved, a trial.
The case is especially notable given Bitkub’s prominence in Thailand’s crypto industry. In late 2021, Siam Commercial Bank announced a multibillion-baht investment to acquire a majority stake in the exchange, a deal that drew significant attention to the sector and helped cement Bitkub’s position as a leading domestic trading platform.
Thailand Expands Crypto Crime Crackdown
The Bitkub investigation comes amid a broader campaign by Thai authorities to combat crypto-related crime and strengthen oversight of digital-asset businesses.
In June 2026, blockchain analytics firm Elliptic announced a data-sharing initiative with the Royal Thai Police’s High-Tech Crime Division. The collaboration involved analysis of more than 500 suspicious cryptocurrency wallets linked to thefts, scams, and professional money laundering operations.
Investigators connected the reported wallets to wider suspicious transaction flows totaling roughly 17.8 billion baht, or about $520 million. The analysis identified activity associated with wallet hacks, investment fraud, romance scams, so-called “pig butchering” operations, and organized criminal networks operating across Southeast Asia.
