Thai SEC Targets Bitkub Over Secret $53M Theft Cover up

Thailand's Securities and Exchange Commission has filed a criminal complaint against Bitkub Online and two of its former directors. The regulator alleges that the exchange failed to report a 2021 cyberattack that saw $53 million in customer assets stolen. According to the complaint, Bitkub submitted false daily net capital reports between May and October 2021 that hid the missing funds from authorities.

Bitkub has responded by admitting that personnel chose not to disclose the theft at the time. The exchange claims this decision was a calculated move to prevent a bank run while the company worked to replace the stolen assets. The exchange maintains that its co founders eventually purchased the missing currencies to cover the gap, ensuring that no customer lost money in the process.

While the SEC previously confirmed that customer assets held by Bitkub were safe as of September 2025, that update does not resolve the specific allegations regarding the 2021 reporting failures. The case now moves to an official inquiry process to determine if formal prosecution is warranted.

This situation highlights the ongoing friction between exchange transparency and crisis management. Investors should monitor how Thai authorities handle the legal proceedings, as the outcome may set a precedent for how exchanges are expected to report security incidents in the future.