• Thailand SEC filed a criminal complaint against Bitkub and two former directors.
• May 2021 cyberattack involved 16 cryptocurrencies worth about 1.7 billion baht.
• Regulators allege Bitkub submitted inaccurate daily net capital reports.

Thailand’s Securities and Exchange Commission filed a criminal complaint against Bitkub Online and two former directors on July 23, 2026. Regulators allege that Bitkub gave false information about customer assets after a cyberattack in May 2021. 

Former directors Sakolkorn Sakavee and Thaweesap Rawan also face claims involving false entries in company documents. Police investigators will now examine the allegations before prosecutors consider further action.

According to the SEC, both former directors handled Bitkub’s daily net capital filings during the reviewed period. Authorities say those reports failed to reflect changes linked to the theft. However, filing a criminal complaint does not amount to a conviction. Courts will decide liability if prosecutors bring formal charges.

Thailand SEC Links Case to 2021 Cyberattack

A cyberattack in May 2021 led to withdrawals involving 16 cryptocurrencies held through Bitkub. SEC officials valued the affected customer assets at about 1.7 billion baht. Bitkub later obtained replacement digital assets starting October 31, 2021. Investigators then compared that action with reports submitted during the previous months.

Bitkub filed Form DA 1 reports from May 10 through October 30, 2021. Those documents did not show a material change in the exchange’s asset balance after the incident. Regulators argue that this created a false picture of normal customer asset custody. Section 76 of Thailand’s Digital Asset Businesses Emergency Decree covers such statements.

Former Directors Face False Filing Claims

Sakolkorn and Thaweesap were responsible for submitting the reports during the incident period. SEC officials therefore included both men under Sections 94 and 76 of the decree. Authorities also accused them of recording false information in Bitkub’s legal documents. Those entries allegedly suggested that no damage had occurred.

Separate allegations fall under Section 88(2), which covers false entries in company records used to deceive another party. 

Nevertheless, investigators must still verify the evidence and establish each person’s role. Bitkub had not issued a response within the information included in the SEC announcement. Regulators also withheld details about the specific tokens and quantities involved.

Related: Crypto Spot Trading Volume Drops 27.9% in Q2 as May Hits Lowest Monthly Level

Criminal Process Moves to Economic Crime Police

Thailand’s SEC submitted the complaint to the Economic Crime Suppression Division for investigation. Inquiry officers will collect evidence and determine whether the case should move forward. Public prosecutors will then review the findings. A court will hear the matter only if prosecutors file charges.

Meanwhile, regulators warned investors about unauthorized digital asset operators. Customers using unlicensed platforms may lack legal protection and face fraud, withdrawal, or money-laundering risks. 

Investors can verify licensed companies through the SEC website and the SEC Check First application. Suspicious activity can also be reported through Hotline 1207 or the regulator’s online channels.