Regulator Alleges Crypto Exchange Submitted False Daily Capital Reports
Thailand’s Securities and Exchange Commission filed a criminal complaint on July 23, 2026, against Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, alleging the crypto exchange concealed a 1.7 billion-baht theft in daily net-capital reports submitted to regulators.
The SEC alleges that Bitkub’s Form DA 1 reports, filed between May 10 and October 30, 2021, showed no material change in asset balance despite a cyberattack in May 2021 that resulted in customer assets across 16 cryptocurrencies being withdrawn. The theft involved approximately 1.7 billion baht, or roughly $53 million in customer assets.
According to the SEC’s allegations, Bitkub and the two former directors made false entries in company documents and submitted statements that did not reflect the impact of the theft on the exchange’s holdings. The regulator said subsequent information indicated Bitkub began procuring replacement digital assets on October 31, 2021.
Company’s Response and Asset Replacement Claims
Bitkub responded to the allegations by stating that “the decision was intended to prevent a bank run while Bitkub was trying to replace the assets.” The exchange also claimed that “neither the company nor its customers suffered asset losses from the incident,” asserting that its co-founders absorbed the loss by purchasing the same cryptocurrencies in the same quantities.
In September 2025, the SEC confirmed that customer digital assets held by Bitkub were safe and complete as of September 8, 2025, validating the exchange’s claim that replacement assets were in place.
Investigation and Next Steps
An inquiry official will now investigate the complaint and decide whether to recommend prosecution. If recommended, a public prosecutor will review the file. A court would adjudicate the case only if it is brought by the prosecutor.
The complaint centers on regulatory reporting obligations. The SEC alleges that Bitkub failed to disclose the theft’s material impact in its daily capital reports, regardless of whether the exchange later replaced the stolen assets or prevented customer losses.
