Thailand's SEC has filed a criminal case against Bitkub and two former executives for allegedly covering up a $47 million hack from 2021.
Thailand's SEC Takes Action Against Bitkub
The Securities and Exchange Commission (SEC) of Thailand has launched a criminal case against the cryptocurrency exchange Bitkub and two former executives for allegedly providing false information following a significant cyberattack in 2021.
The SEC's complaint, filed with the Economic Crime Suppression Division, centers on a hack from May 2021 that led to the theft of approximately 1.7 billion baht (around $47 million) in digital assets. According to the SEC, Bitkub's daily net-capital reports from May to October 2021 failed to reflect this loss, breaching the Digital Asset Business Decree.
Former directors Sakolkorn Sakavee and Thaweesap Rawan are accused of falsifying documents to mislead the SEC, suggesting that customer assets were unaffected. The case has now been handed over to law enforcement to determine if it will proceed to court.
Bitkub maintains that customer assets are secure, asserting that the decision to withhold information about the hack was made to avoid a potential panic among users. The co-founders reportedly used their personal funds to cover the stolen assets, ensuring that neither the exchange nor its customers suffered financial losses. They also pointed out that the SEC had confirmed the safety of their asset holdings as of September 2025.
Sakolkorn Sakavee, in a video statement, took full responsibility for the misleading reports, admitting he acted independently and did not inform others within the company. He expressed regret for not disclosing the incident due to fears of a bank run and confirmed that the founders had compensated customers until full reimbursement was achieved.
This legal action comes as Bitkub, previously Thailand's leading cryptocurrency exchange, aims for an initial public offering (IPO). However, it has recently been outpaced by Binance's local division, Binance TH. Bitkub had postponed its planned IPO on the Stock Exchange of Thailand for November 2025 due to market conditions and is now considering a $200 million IPO in Hong Kong instead.
