Key events and timeline
The 2021 Crisis
On May 10, 2021, Bitkub suffered a cyberattack where digital assets worth approximately 1,700 million Baht were stolen. Executives chose to withhold this information from the public and the SEC for over five months, fearing a "bank run" and potential damage to the nascent digital asset industry.
Cover-up and Restoration
During this five-month period, the company worked to replace the missing funds. By October 31, 2021, the assets were restored.
The SCBX Deal
In November 2021, SCBX announced a plan to acquire 51% of Bitkub at a valuation of 35,000 million Baht. This deal was eventually cancelled in August 2022, with SCBX citing ongoing regulatory issues and uncertainty regarding Bitkub.
Regulatory Actions
The SEC has penalized Bitkub on multiple occasions for various violations, including the unauthorized listing of the KUB coin, price manipulation (creating artificial trading volume), and insider trading by executives.
Current Status
In July 2026, the SEC issued a formal indictment confirming that Bitkub had submitted false information regarding the 2021 incident, leading to an admission of guilt from the executives involved.
The concludes by raising ethical questions about the transparency of businesses when handling crises and whether it is ever appropriate to withhold the truth from customers to maintain stability.
see also finance and business knowledge
