Representatives of nine victims who lost a combined 38 million baht in a theft involving the Bitkub system filed a complaint with the SEC in March this year. They called on the regulator to introduce measures to protect the victims and work with the exchange to resolve the issue. Pornprom Satrabhaya
For years, Bitkub symbolised Thailand's cryptocurrency boom. It was the country's largest digital asset exchange, the creator of KUB Coin, and the startup that reached unicorn status after Siam Commercial Bank (SCB) announced a landmark acquisition worth 35 billion baht.At its peak in late 2021, Bitkub was poised to become Thailand's undisputed crypto champion.
Five years later, the company faces its biggest governance challenge.
The Securities and Exchange Commission (SEC) revealed on Thursday it filed a criminal complaint against Bitkub Online Co Ltd and two former directors, alleging they submitted false regulatory reports following a 1.7-billion-baht cyber-attack in 2021.
The case has reignited questions over the company's corporate governance, transparency and whether Thailand's first crypto success story can regain investor trust.
