Bitkub has pushed back against fraud allegations after Thailand’s SEC filed a complaint over disclosures linked to a 2021 cyberattack.
The crypto exchange maintained that all customer assets currently held on its platform remain safe and fully accounted for.
The case relates to a cyberattack in early May 2021 that compromised one of Bitkub’s digital asset wallets.
Bitkub acknowledged that the incident was not disclosed at the time.
According to the company in a LinkedIn post, the person responsible for its disclosure obligations withheld the information to prevent mass withdrawals while the exchange was replacing the stolen assets.
The company argued that the decision was intended to protect customers and did not amount to fraudulent conduct.
Although the stolen assets were not recovered, Bitkub’s co-founders bought the same types and quantities of digital assets and transferred them to the company.
Bitkub maintained that neither customers nor the exchange ultimately suffered a financial loss.
SEC alleges false reporting
The SEC filed the complaint against Bitkub and former directors Sakolkorn Sakavee and Thaweesap Rawan on 23 July 2026.
The regulator alleged that Bitkub’s daily net capital reports from 10 May to 30 October 2021 did not reflect the material change in its asset balance caused by the theft.
It also accused the two former directors of making false entries in company documents that gave the impression customer assets were being held as usual and that Bitkub had suffered no damage.
The complaint has been referred to Thailand’s Economic Crime Suppression Division for further investigation. The case would then proceed to prosecutors and the courts.
A criminal complaint does not represent a final determination of guilt.
The SEC previously inspected Bitkub after reports of the cyberattack emerged online.
It found that customers’ digital assets were safe and fully accounted for as of 8 September 2025.
Featured image: Edited by Fintech News Singapore, based on image by Magnific