Thai SEC Files Criminal Complaint Against Bitkub Over 2021 Hack Reports

The complaint centers on daily net liquid capital reports submitted by the exchange between May and October 2021. According to the SEC, the documents failed to reflect the theft of 16 different cryptocurrencies, falsely suggesting that customer holdings remained intact. While the stolen assets were eventually replaced by October 31, 2021, regulators contend that the omission violated mandatory disclosure provisions.

Bitkub, Thailand’s largest cryptocurrency exchange, disputed the characterization of the event. In a statement posted to X, the company argued that it intentionally delayed disclosure to prevent a bank run while executives worked to replace the funds from their own pockets. The firm maintains that neither customers nor the company suffered net financial losses from the incident. The case now moves to the national criminal investigation process to determine if formal prosecution will follow. This enforcement action coincides with a broader regulatory push in Thailand, where authorities are tightening scrutiny on stablecoin transactions and anti-money laundering protocols while simultaneously working to integrate digital assets into the formal derivatives market.