Bitkub and Maxbit Face Scrutiny Over Shuffle Transfers as Financial Records Reveal Contrasting Fortunes

Six Bitkub Addresses and Three Maxbit Wallets Under Scrutiny

Transactions exceeding 100 million baht involving 49 Bitkub customers and six blockchain addresses have widened a Thai parliamentary inquiry into money moving to Shuffle.com, a cryptocurrency gambling website blocked in Thailand. Maxbit has also confirmed transfers involving at least three wallets, bringing a second licensed digital asset business into the examination.

Former Democrat MP Sirichok Sopha said Bitkub confirmed the transactions to the House committee on legal affairs, justice and human rights. Committee chairman Rangsiman Rome, a People's Party MP, said Maxbit had also confirmed transfers linked to Shuffle.

Maxbit's transfers totalled approximately 220,000 baht in the financial trail described in the inquiry. Sirichok put the amount at no less than 200,000 baht and said at least three wallets had transferred funds directly to Shuffle. The central issue he raised was how licensed businesses checked those transactions, assessed the destination wallets and reported suspicious activity.

The inquiry also brings together two distinct sets of financial information: customer transfers involving the gambling platform, and the accounts and ownership structures of the companies handling digital assets. Bitkub remained profitable in its latest annual figures, while Maxbit continued to lose money despite rapid revenue growth.

Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn, whose son is a Maxbit director and shareholder, has called for company executives to explain the transfers. He said he had no involvement in its operations and expected clarification the following week.

What the Transaction Figures Mean

Bitkub's six blockchain addresses were associated with transactions involving 49 customers, according to Sirichok's description of the company's committee testimony. An address is a destination or starting point for digital assets recorded on a blockchain, a shared electronic transaction ledger. A customer count and an address count measure different things, so six addresses can appear in activity involving many customers.

Maxbit provides custodial wallets, meaning it holds and manages digital assets for customers. Sirichok said its confirmation concerned at least three such wallets that transferred funds directly to Shuffle.

The Bitkub transaction total was more than 450 times Maxbit's approximate 220,000 baht figure. That comparison shows the difference in the scale of the activity identified at the two businesses. The inquiry's focus, however, extends to the checks each operator applied, including when it detected the transfers and what action followed.

Sirichok has asked whether the companies assessed the risks attached to destination wallets and submitted suspicious transaction reports to the relevant authorities. Such a report alerts an authority to activity requiring examination. The dates of the transfers, the companies' responses and any resulting reports to regulators have not been publicly detailed.

Bitkub's Profit Fell Despite Higher Assets

Company registration and financial information drawn from Department of Business Development records and Creden data show that Bitkub Online was registered on July 29, 2016, with registered capital of 450 million baht. Its registered business covers money and capital market management.

Bitkub reported revenue of 1.647 billion baht and profit of 277.85 million baht for 2025, compared with revenue of 1.987 billion baht and profit of 501.93 million baht in 2024. Revenue fell about 17.1%, while profit dropped about 44.6%. In simple terms, the company earned less from its business and retained a smaller share as profit.

The longer record shows substantial changes in earnings:

• 2021: revenue of 5.510 billion baht and profit of 2.545 billion baht.
• 2022: revenue of 2.847 billion baht and profit of 341.87 million baht.
• 2023: revenue of 1.153 billion baht and profit of 163.37 million baht.
• 2024: revenue of 1.987 billion baht and profit of 501.93 million baht.
• 2025: revenue of 1.647 billion baht and profit of 277.85 million baht.

Bitkub's assets rose from 2.260 billion baht in 2024 to 2.326 billion baht in 2025, while liabilities fell from 852.29 million baht to 662.14 million baht. Assets are resources recorded by a business; liabilities are its recorded obligations.

The balance sheet changed much more sharply between 2023 and 2024. Assets went from 53.069 billion baht to 2.260 billion baht, and liabilities from 52.325 billion baht to 852.29 million baht. Understanding that change requires the accounting notes explaining how balances were recorded. The 2025 revenue and profit figures describe Bitkub's business performance, while the committee's transaction figures describe customer activity being examined.

Who Owns Bitkub?

Bitkub Online has six shareholders holding 45 million shares with a combined registered value of 450 million baht. Four Thai shareholders hold 86.31%, and two foreign shareholders hold the remaining 13.69%.

Bitkub Capital Group Holdings owns 35,257,937 shares, or approximately 78.35%. Asphere Innovations holds 3,580,945 shares, approximately 7.96%. Jirayut Srupsrisopa and Atthakrit Chimplapibul each hold one share.

The foreign shareholders are Quantum Transformation LLC of the United States, with 4,499,999 shares, approximately 10%, and Long Corridor Alpha Opportunities Master Fund of the Cayman Islands, with 1,661,117 shares, approximately 3.69%.

The ownership structure places most voting shares with Bitkub Capital Group Holdings. The parliamentary examination concerns the operating company's handling of transactions and its response to the identified Shuffle connections.

Maxbit's Revenue Doubled, but Losses Continued

Maxbit Digital Asset was registered on August 9, 2021, with registered capital of 500 million baht. Its registration covers securities brokerage and states an objective of conducting digital asset brokerage after receiving permission.

Maxbit reported revenue of 60.21 million baht in 2025, up from 28.69 million baht in 2024, an increase of approximately 109.9%. Its loss narrowed only slightly, from 71.81 million baht to 69.41 million baht. The annual loss still exceeded its entire annual revenue.

The company recorded losses in every year from 2021 through 2025:

• 2021: revenue of 7,776.43 baht and a loss of 6.97 million baht.
• 2022: revenue of 9,301 baht and a loss of 36.57 million baht.
• 2023: revenue of 8.72 million baht and a loss of 43.46 million baht.
• 2024: revenue of 28.69 million baht and a loss of 71.81 million baht.
• 2025: revenue of 60.21 million baht and a loss of 69.41 million baht.

Those annual losses total approximately 228.22 million baht. Maxbit's assets nevertheless increased from 237.58 million baht in 2024 to 300.86 million baht in 2025, while liabilities declined from 94.16 million baht to 27.64 million baht.

Bitkub's 2025 revenue was approximately 27 times Maxbit's. Their financial positions therefore present different business stories: an established profitable operator with falling earnings, and a smaller operator whose growing income has yet to cover its expenses.

Maxbit's Ownership and the Minister's Response

Maxbit has seven Thai shareholders holding 100 million shares. PTG Energy, the company behind the PT petrol station network, owns 35%. Spearhead Labs holds approximately 29%, and Unit Co holds 28.67%. Together, those three companies own approximately 92.67%.

Pokket Ratchakitprakarn, Phiphat's son, holds a further 5.48% directly and is a director alongside Rangsan Phuangprang and Chakchonlat Phibunthammasak. The remaining individual shareholders are Ekachat Leelapanyalert, with approximately 1.58%; Thanaphat Chiaochanwet, with 0.22%; and Naphat Jindathanutham, with 44,000 shares, or 0.044%.

Pokket also owns 86.47% of Unit. Multiplying that holding by Unit's 28.67% share of Maxbit gives an indirect economic interest of approximately 24.79%. Adding his direct holding produces approximately 30.27% through those two routes, before considering any other interests.

Phiphat said he had lent Unit a total of 42.5 million baht. The lending was described as two transactions. He defended Maxbit as a legally registered, licensed business and described the disputed transactions as lawful, while directing its executives to explain them.

Phiphat, speaking as deputy prime minister and transport minister, expressed confidence in his son's response:

"I am confident my son can explain the matter," Mr Phiphat said.

The minister also accused Sirichok of seeking attention after election defeats. Sirichok responded that losing an election did not remove a politician's right to scrutinise government work. His stated focus remained the companies' transaction monitoring and reporting practices.

The Separate Questions About Shares and Tokens

Shuffle is also under scrutiny because Zhang Taiyang, the husband of Bhumjaithai MP Suchada Zhang Thaensap, held a 1.47% stake in the gambling business, according to Sirichok and Suchada's descriptions of the holding. Suchada has said her husband sold the shares in January 2026, a month before she won election in Chaiyaphum.

Sirichok said Suchada became secretary to the digital economy and society minister in October 2025. He wants investigators to examine the period when that role overlapped with her husband's shareholding and determine whether a conflict of interest arose. He has also questioned the timing of government action to block Shuffle.

Sirichok estimated that the stake was worth 200 million to 300 million baht, using a company valuation near 20 billion baht. Applying 1.47% to 20 billion baht gives 294 million baht. Both the valuation and the estimated stake value are figures he advanced, rather than a disclosed sale price.

He has requested the shareholder register of the company registered in the British Virgin Islands and documents showing how sale proceeds were received and transferred. Suchada and her husband met Department of Special Investigation investigators on Tuesday to provide information about the shareholding.

Sirichok is also seeking to trace 88 million Shuffle tokens. Tokens are digital units whose ownership can be transferred electronically. Company shares represent ownership in a business, while a token's rights and value depend on its terms and market.

Sirichok said the tokens remained unaccounted for and estimated that their value had risen by 130% to 140% since allocation. That would put their value at approximately 2.3 to 2.4 times the starting level, although he gave no verified current cash total. He also cited an explanation from Thailand's Securities and Exchange Commission about tokens in reserve capital calculations and called for further investigation.

What Happens Next?

Rangsiman said the committee was examining the case and that police cybercrime investigators were scheduled to meet on October 26 to determine their next steps. Phiphat expected Maxbit to provide its clarification the following week.

The sequence places the company transactions alongside the political and ownership questions:

• October 2025: Sirichok said Suchada took up the ministerial secretary position.
• January 2026: Suchada said her husband sold his Shuffle shares.
• February 2026: Suchada won election as an MP for Chaiyaphum.
• Thursday, before the October 23 disclosures: the parliamentary committee heard information about the transactions.
• October 23, 2026: Sirichok publicly detailed the Maxbit wallet findings.
• October 26: police cybercrime investigators were scheduled to discuss further action.

Sirichok said he had already given preliminary financial trail information to the Department of Special Investigation and would provide more if contacted. The next practical steps concern tracing recipients, obtaining ownership and sale records, and establishing how the digital asset businesses responded when the transfers came to their attention.

Key Points

• Bitkub transactions described to the parliamentary inquiry exceeded 100 million baht and involved 49 customers and six blockchain addresses.
• Maxbit identified direct transfers involving at least three custodial wallets, with approximately 220,000 baht described in the financial trail.
• Bitkub earned 277.85 million baht in profit in 2025; Maxbit lost 69.41 million baht.
• Phiphat called for Maxbit executives to explain the transfers and said he had no involvement in its operations.
• Sirichok is also seeking documents concerning a 1.47% Shuffle shareholding and the whereabouts of 88 million tokens.
• Police cybercrime investigators were scheduled to meet on October 26.