Thailand's SEC has filed criminal charges against Bitkub and its former executives over mishandling a major cyberattack in 2021.
The Securities and Exchange Commission (SEC) of Thailand has initiated a criminal case against Bitkub Online, a cryptocurrency exchange, along with two former executives, following the company's handling of a cyber breach in May 2021. This case will be analyzed by the Economic Crime Division.
The SEC accuses Bitkub of providing inaccurate information in its daily financial reports, specifically regarding net capital. Former executives Sakolkorn Sakavi and Thavisap Rawan are also implicated for allegedly submitting misleading entries in corporate documents. The cyberattack resulted in the loss of around 1.7 billion baht (approximately $47 million) across 16 different digital assets.
The SEC asserts that reports for the period from May 10 to October 30, 2021, did not reflect significant changes in Bitkub's asset balances due to the hack, which violates Section 76 of the 2018 Digital Assets Business Decree. The Commission holds Sakavi and Rawan accountable for these reports.
Bitkub's Defense and Customer Assurance
In response, Bitkub representatives stated that the individuals named in the complaint refrained from disclosing the theft of a wallet to avoid a rush of withdrawals. The company claims that, to prevent a bank run, the co-founders personally replaced the stolen digital assets.
Bitkub insists that neither the exchange nor its customers incurred any losses and highlighted that the SEC confirmed the security of customer assets as of September 8, 2025. However, the SEC contends that the misleading information misrepresented the safety of customer holdings and the impact of the theft.
According to reports, Sakolkorn Sakavi admitted to modifying the reports and hiding details about the hack due to concerns about causing panic among users. Following the filing of the criminal complaint, the SEC will conduct an investigation to determine potential charges and court actions.
It is noteworthy that in November 2021, Siam Commercial Bank, Thailand's oldest bank, invested approximately 17.85 billion baht (around $536 million at that time) to acquire a 51% stake in Bitkub.
