Thailand's SEC Files a Criminal Complaint Against Bitkub Over a Five-Year-Old Hack Cover-Up
Thailand's Securities and Exchange Commission filed a criminal complaint against crypto exchange Bitkub Online and two of its former directors, Sakolkorn Sakavee and Thaweesap Rawan, alleging they submitted false information in the exchange's daily net capital reports (Form DA 1) following a cyberattack in May 2021. The SEC's complaint covers the period from May 10 to October 30, 2021, during which it says Bitkub's filings showed no significant change in assets despite a hack that stole digital assets worth approximately 1.7 billion baht (roughly $47 million).
Bitkub disputes that the omission amounted to fraud, saying its founders personally purchased replacement digital assets by October 31, 2021 to make customers whole, and that all customer assets remain safe and intact. The company says the decision not to disclose immediately was intended to prevent a bank run that could have damaged confidence in the broader Thai crypto industry while the loss was being addressed. Sakolkorn said in a video statement that he altered the filings on his own initiative. The case has been forwarded to Thailand's Economic Crime Suppression Division, and the named individuals face charges under the Digital Asset Business Decree.
SGX Opens Grab, Sea, and SpaceX to Retail Investors Through Depositary Receipts
The Singapore Exchange began trading depositary receipts for Grab (ticker UGBD), Sea (UGGD), and SpaceX (UXSD) on July 22, expanding its Singapore Depositary Receipt (SDR) suite to 38 counters spanning Thailand, Hong Kong, Indonesia, and the United States. SDRs let Singapore retail investors trade US-listed companies in Singapore dollars during local market hours, without needing an overseas brokerage account or absorbing direct foreign-exchange conversion costs.
SGX Group's Bernice Tan framed the addition around accessibility: "By minimizing traditional pain points such as foreign exchange friction and overseas market complexities, investors can conveniently build a globally diversified portfolio in SGD within a familiar trading environment." The inclusion of Grab and Sea is notable given both are Southeast Asian companies that chose to list on Nasdaq rather than SGX — the DR structure now lets local retail investors gain exposure to them anyway.
Vietnam Trains Regulators on Crypto Enforcement With Tether and Chainalysis
Vietnam's State Securities Commission (SSC) ran a training program on July 21 focused on "international experience and solutions for compliance, supervision and law enforcement" in crypto markets, partnering with stablecoin issuer Tether and blockchain analytics firm Chainalysis, with support from the Blockchain Association Singapore, MetaComp, XREX, and OKX. Sessions covered FATF standards, virtual asset service provider compliance programs, fund tracing, forensic investigation, combating peer-to-peer transaction networks, and cross-border law enforcement cooperation.
SSC Vice Chairman Bui Hoang Hai said the government is "gradually perfecting a regulatory framework that encourages innovation while managing risks," with the training aimed at strengthening coordination among regulators, law enforcement, and the private sector ahead of a planned pilot crypto exchange targeted for the third quarter of 2026.
Eyes on the Day Ahead
Nothing concrete is scheduled in the next 24-48 hours, so looking instead to the coming week: the ASEAN Tech Summit Manila opens July 28-29, followed immediately by Malaysia Blockchain Week on July 29-30 in Kuala Lumpur — both events are expected to set the tone for regional crypto and AI policy heading into the second half of the year.
Layer 7 Ventures is a research-driven firm focused on AI and cryptocurrency in Southeast Asia. Views expressed are those of the firm and do not constitute investment advice.
