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Odaily News: The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against cryptocurrency exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, accusing them of submitting false financial reports between May and October 2021. The case has been referred to the Thai Economic Crime Suppression Division (ECD) for investigation, and prosecutors will determine whether to formally indict. The SEC stated that Bitkub suffered a cyberattack in May 2021, resulting in the theft of 16 types of digital assets, with losses exceeding $50 million. Regulatory investigations revealed that Bitkub failed to reflect the related losses in its Form DA 1 daily net capital reports from May 10 to October 30, 2021. The SEC alleges that the involved executives made false entries in the company's official documents, leading regulators to believe that client assets were intact and the company had not suffered financial losses. Bitkub subsequently completed the acquisition of replacement assets in late October 2021, but the SEC maintains that the reports during that period constituted false statements. In a statement on July 23, Bitkub stated that current customer holdings were secure and accounts were complete. Bitkub claimed that its co-founders purchased replacement assets of the same type and quantity, bearing the losses themselves, and noted that the cyber theft incident had been reported to law enforcement authorities on May 10, 2021.
According to The Nation Thailand, the Thai Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division against digital asset exchange Bitkub and its two former directors, alleging false statements in daily net capital reports submitted after the 2021 hacking incident. The incident resulted in the theft of approximately 1.7 billion baht worth of digital assets. The regulator believes that Bitkub failed to accurately reflect asset losses and related changes during the period from May to October 2021.
the Bank of Thailand is strengthening stablecoin regulation to combat money laundering, illegal financing, and "grey capital" in the country. The central bank is collaborating with the Securities and Exchange Commission to review high-value stablecoin transactions, focusing on USDt (USDT), cash transactions, and foreign exchange dealings to identify and prevent illicit fund flows. Thailand will also expand the compliance responsibilities of commercial banks in areas such as cash networks, foreign exchange services, gold trading, and suspicious stablecoin transactions. In 2025, Thailand suffered losses of 115 billion Thai baht (approximately $3.4 billion) due to scams, recording about 173 million fraudulent calls and text messages. Cash deposits exceeding 5 million Thai baht will also require full disclosure. Bitkub, Thailand's largest exchange, processes a daily trading volume of approximately $26 million, nearly 40% of which is foreign exchange trading, with the USDT/THB trading pair being the most popular. In 2025, Thailand's banking sector froze 3 million bank accounts as part of efforts to crack down on nominee accounts, grey capital, and suspicious activities. (Cointelegraph).