The Securities and Exchange Commission of Thailand (SEC) has lodged a criminal complaint against the cryptocurrency exchange Bitkub Online and two of its former executives due to their reporting practices following a cyberattack in May 2021. The complaint will be examined by the Economic Crime Division.
The regulator alleges that Bitkub provided false information in its daily reports regarding net capital, while former directors Sakolkorn Sakavi and Thavisap Rawan allegedly made misleading entries in the company’s documents. According to the SEC, approximately 1.7 billion baht (about $47 million) worth of 16 different digital assets were stolen from Bitkub in May 2021.
Furthermore, the reports covering the period from May 10 to October 30, 2021, failed to indicate any significant changes in Bitkub's asset balance as a result of the theft. The SEC views this as a violation of Section 76 of the 2018 Digital Assets Business Decree.
The Commission states that Sakavi and Rawan were responsible for filing the reports during this time and are accountable alongside Bitkub.
Bitkub Claims to Protect Customers
Representatives from Bitkub have claimed that some individuals named in the complaint chose not to disclose the theft of one of the wallets to prevent a mass withdrawal of funds. The company asserts that, since there was no bank run, the co-founders personally purchased digital assets of the same type and quantity as those stolen.
Bitkub emphasized that neither the exchange nor its clients suffered any losses. Additionally, the firm noted that the SEC reviewed customer assets as of September 8, 2025, and confirmed their security.
However, the Commission stated that the misleading entries had misled regulators regarding the safety of customer assets and the absence of losses at Bitkub. According to the Bangkok Post, Sakolkorn Sakavi took responsibility, admitting that he altered the reports and concealed information about the hack out of fear of causing panic.
The SEC clarified that after filing the criminal complaint, the case will undergo an investigation, followed by the prosecutor's decision on potential charges and subsequent court proceedings.
It is worth noting that in November 2021, Thailand's oldest and third-largest bank, Siam Commercial Bank, invested around 17.85 billion baht (approximately $536 million at that time) in Bitkub by acquiring a 51% stake.