Thailand has laws protecting the assets of investors in digital assets, conducted through licensed operators under the law called the “Digital Asset Business Operations Act of 2018,” regulated by the Securities and Exchange Commission (SEC). This law is now entering its eighth year.
Although digital assets are considered an “alternative investment,” many people invest in this type of asset. Whenever complaints arise about damages caused by "licensed digital asset business operators," victims turn to the SEC for assistance.
On Tuesday afternoon, 24 March 2026 GMT+7, representatives of victims investing in digital assets through licensed platforms in Thailand will file complaints and seek justice from the SEC. The group alleges using the “Bitkub” platform and points to a “system vulnerability” causing investment losses. They have gathered 40 victims with total losses exceeding 40 million baht.
Tewin Wongsvisuthikul, a businessman and cryptocurrency investor, told Thairath Money he is one of the investors who lost 6.5 million baht due to his Bitkub crypto account being hacked.
He recounted that around 5:30 p.m. on 11 March, he opened YouTube on his desktop computer at home and noticed an unusual screen with a message saying “Enter Google Security password.” Sensing something wrong, he closed the page and immediately called Bitkub’s customer service to report the issue, although he did not click on any suspicious links.
“I did not conduct any financial transactions on this home computer; I usually use my MacBook Air and iPhone for financial work. But strangely, that day when I opened YouTube on the home PC, I saw a screen that seemed like a phishing attempt asking for Google Security credentials,” Tewin said.
Being cautious about electronic security, he promptly contacted the platform’s customer service that evening. The agent advised him to disable coin transfers, trading, and to suspend his account.
However, between 6:45 and 7:14 a.m. the next day (12 March), cryptocurrencies in his account—Ethereum, Bitcoin, and Cardano (ADA)—were sold and used repeatedly to buy a coin called Taiko at an inflated price of 620 baht per coin, up from 3 baht each. This caused his assets, originally worth 6.5 million baht, to drop to just 43,000 baht.
Later, at 10:49 a.m. on 12 March, the platform’s customer service emailed him suggestions for resolving the issue, but from his perspective, “there was nothing more that could be done.”
Over the following weeks, he tried contacting the platform four times by phone and visited their office once to seek accountability and recover his lost assets.
Around the same time, he discovered many others affected by what he suspects is a “platform system vulnerability.” They have united to file police reports and complaints with the SEC to seek justice and establish protections for crypto investors.
These victims will meet with the SEC on the afternoon of Tuesday, 24 March 2026 GMT+7, at the SEC office on Vibhavadi Rangsit Road.
Attakrit Chimphapiboon, co-founder and CEO of Bitkub Online, told Thairath Money that their cybersecurity systems are 100% complete, with no vulnerabilities or breaches on the company’s side.
He explained that losses suffered by users occur at the “user level,” where victims fall prey to scammers through three main steps.
First, scammers hack victims’ personal email accounts, then send fake emails or messages to trick victims into clicking links or entering personal information.
Second, they deceive victims into downloading Windows desktop applications that are actually malware, allowing remote control of the device and capturing passwords and OTP/2FA codes.
Third, once controlling the account, scammers sell the victim’s assets and buy low-liquidity crypto coins at inflated prices to transfer value into their own wallets.
Regarding countermeasures, the company continuously updates its system. The latest feature, activated about 1-2 weeks ago, prevents abnormal pricing by limiting sellers to pricing no more than 100% above market and buyers no more than 20% above market, cutting off scammers’ ability to extract funds through overpriced coin purchases.
Additionally, emergency account suspension is available; users can immediately freeze their accounts through login or Line Connect without waiting to call the call center.
On responsibility, Attakrit stated the company will fully compensate if losses arise from system faults. Since these incidents appear to occur at the user level, the company assists by providing information and coordinating with police to recover funds.
For self-protection, Attakrit warns of “4 dangerous moves” that users should immediately suspect as scams:
(1) Being tricked into downloading programs,
(2) Being tricked into clicking links,
(3) Being tricked into entering passwords or usernames,
(4) Being tricked into transferring money.
He also recommends downloading apps only from official stores and checking if one’s email has been compromised on the dark web via haveibeenpwned.com.
The SEC has acknowledged the issue and will monitor developments following the victims’ meeting on 24 March to determine any further actions or orders for the platform.
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