Thailand's securities regulator has moved a crypto-exchange reporting case from administrative scrutiny into criminal review.

Decrypt reported that the Securities and Exchange Commission filed a complaint against Bitkub and two former directors after a 2021 hack that allegedly went unreflected in daily capital filings.

The case turns on a disclosure gap rather than the wallet theft alone.

The SEC alleges that Bitkub's daily net-capital filings from May to October 2021 showed no significant asset change after a hack drained about $47 million across 16 digital-asset categories, according to Bitkub.

SEC Complaint Moves The Case To Police And Prosecutors

The complaint was lodged with Thailand's Economic Crime Suppression Division.

Police and prosecutors now decide whether the matter should proceed to court, moving the case beyond a regulator-company dispute.

The two former directors named in the complaint are Sakolkorn Sakavee and Thaweesap Rawan.

The regulator accuses them of making false entries that misled officials into believing customer assets remained intact.

The alleged breach falls under Thailand's Digital Asset Business Decree.

That legal route places the exchange's capital filings, not only its security controls, at the centre of the enforcement record.

Bitkub Says Customers Were Made Whole

Bitkub framed the matter as a five-year-old reporting decision and maintained that customer funds are safe.

The company position is that responsible parties avoided disclosure at the time because they feared panic withdrawals that could have damaged the exchange.

The exchange's account says co-founders used their own funds to replace the missing digital assets.

Bitkub's public response also places intact holdings in September 2025, giving the company a customer-safety defence while leaving the disclosure allegation unresolved.

Sakolkorn's video statement, translated by the Bangkok Post and used by Decrypt, put sole responsibility on the former director.

He apologised, resigned from company boards and pledged to cooperate with regulators.

Listing Plans Add Market Pressure To The Enforcement File

The complaint arrives while Bitkub is still working towards a public listing.

A weakened local market preceded Bitkub's decision to pause its planned November 2025 Stock Exchange of Thailand IPO.

Decrypt cited a Hong Kong offering of about $200 million as another option under consideration.

That listing path now sits beside a criminal complaint process whose court timetable has not been set.

Court action remains unconfirmed.

Bitkub has not announced whether prosecutors will bring charges, whether the listing plan will proceed, or whether the complaint will lead to new regulatory restrictions on the exchange.