Thai SEC Criminally Charges Bitkub for Alleged False Information Disclosure

The Thai SEC (Securities and Exchange Commission) announced on July 23, 2026, that it has criminally charged Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan.

The main reasons for the charges are inappropriate information sharing regarding past hacking incidents and false reporting of asset conditions, leading to Bitkub, which boasts one of the largest market shares in Thailand, becoming a target of strict investigations by regulatory authorities.

Lack of Transparency Regarding the 2021 Hacking Incident and Reports
The situation originated from a large-scale cyberattack that occurred at the exchange in May 2021, which resulted in the unauthorized outflow of 16 types of cryptocurrencies managed by Bitkub, amounting to approximately 1.7 billion baht (around 8.27 billion yen).

According to the SEC, Bitkub purchased and replenished equivalent digital assets by the end of October of the same year, but failed to reflect the decrease in assets due to the incident in the net capital reports (Form DA 1) submitted between May 10 and October 30 of that year.

Regulatory authorities have determined that this omission misled investors into believing that "customer assets were being managed normally and that no damage had occurred," claiming violations of multiple provisions of the Emergency Decree on Digital Asset Businesses, including Article 76.

Legal Responsibilities of Former Directors and Basis for Charges

The two former directors charged were responsible for daily capital condition reports during the relevant period, and the SEC has pointed out their unlawful acts of false entries in legal documents and company records (Articles 76, 94, and 88(2) of the decree).

On July 23, 2026, the Thai SEC stated that false information had been recorded in the company's documents from May to October 2021 (over five years ago), leading to suspicions that financial records were created with the intent to deceive others by making it appear as if there were no losses. In response, Bitkub released a comment on its official X account, arguing that the situation was not due to misconduct but rather a decision to adjust the timing of information disclosure to prevent a bank run.

Furthermore, it emphasized that no financial damage had occurred to the company or its customers due to funding supplements by management, and that subsequent governance and security measures have been strengthened.

Investigation Progress and Investor Warnings

This case is currently in the early stages of criminal proceedings, with the investigation transferred to the Economic Crime Division (ECD), where police are collecting evidence and confirming allegations. Following this, a decision on prosecution will be made by the public prosecutor, and a verdict of guilty or not guilty is expected to be reached in court.

At a critical juncture where Bitkub's parent company is considering an initial public offering (IPO) in Hong Kong, this situation has raised questions about the company's governance structure. The SEC, along with a series of announcements, has pointed out that using unauthorized platforms carries risks of fraud and asset loss, urging investors to verify authorized companies through official apps and to exercise caution.

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