Thailand's Securities and Exchange Commission has filed a criminal complaint against the crypto exchange Bitkub, alleging it and two former directors concealed a $47 million theft from regulators and the public. The SEC says the exchange left the 2021 hack out of its required filings — a move that could carry serious legal consequences for the company and its former leadership.
The complaint
The SEC submitted the complaint to the Economic Crime Suppression Division of the Royal Thai Police this week. It accuses Bitkub and two unnamed former directors of violating securities law by failing to report the loss. Under Thai regulations, listed companies and licensed exchanges must disclose material events — including thefts — in a timely manner. The regulator argues the omission misled investors and undermined market integrity.
The 2021 theft
The $47 million hack happened in 2021, though Bitkub never publicly detailed the incident at the time. The SEC's investigation found that the exchange's internal systems were breached, leading to the loss of customer and corporate funds. The two former directors, who have since left the company, were allegedly aware of the breach but did not ensure it was reported. Bitkub itself has not been charged with the theft, only with the failure to disclose.
What happens next
The police will now decide whether to formally charge the exchange and the individuals. If convicted, they could face fines, imprisonment, or both. Bitkub has not issued a public statement since the complaint was filed. The case adds to a growing list of regulatory actions against crypto firms in Southeast Asia, where authorities are tightening oversight after a string of exchange failures and hacks.
The SEC's move also puts pressure on other Thai crypto operators to review their disclosure practices. The regulator has signaled it will continue to investigate any lapses in reporting — and that this complaint is unlikely to be the last.
