Thai SEC Files Criminal Case Against Bitkub Over Hack Disclosure

The case lands at a delicate time for the exchange. Bitkub is evaluating an initial public offering, including a potential listing in Hong Kong. A criminal proceeding – regardless of the eventual outcome – could make regulators and underwriters in that jurisdiction ask harder questions about governance and disclosure controls.

Thailand's SEC has been tightening oversight of crypto platforms. Net liquid capital rules require exchanges to hold enough liquid assets to cover customer balances. The complaint suggests the regulator sees accurate daily reporting as a non-negotiable piece of that framework, not something to suspend during a crisis.

The theft itself, one of the larger exchange hacks in Southeast Asia, hit 16 different token types. Bitkub resumed normal trading within days after the incident. The SEC's filing is the first public signal that the agency believes the disclosure around that period was deliberately misleading.

For the wider Thai crypto market, the case is another reminder that disclosure lags during an emergency can become legal liabilities years later. Bitkub said it will fight the charges and that the co-founders' asset purchase already made customers whole. A Bangkok criminal court will now decide whether the SEC's version of events holds up.