Thailand's SEC has filed a criminal complaint against Bitkub — the country's largest crypto exchange — and two former directors, alleging they concealed a 2021 hack from the regulator.

About $47M (1.7 billion baht) across 16 assets was drained from a Bitkub wallet in May 2021. From May to October that year, the exchange's daily filings to the SEC allegedly showed no change in holdings, masking the loss.

Bitkub says it deliberately withheld the breach to avoid triggering a bank run, not to defraud anyone. Its co-founders personally bought replacement assets in the same amounts, so it says neither the exchange nor customers lost funds — and the SEC reportedly confirmed its holdings were intact as of September 2025.

The case now sits with Thailand's Economic Crime Suppression Division, and prosecutors will decide whether to bring it to court. Bitkub is privately held; its KUB token showed no sharp reaction.