Overview

  • The Securities and Exchange Commission of Thailand has initiated a criminal case against Bitkub and two former executives for allegedly submitting misleading reports following a cyberattack in 2021.
  • Bitkub is accused of failing to disclose the theft of approximately $47 million in digital assets in its daily capital filings from May to October 2021.
  • The exchange asserts that all customer assets remain secure, claiming its co-founders compensated for the stolen funds at the time.

The Securities and Exchange Commission (SEC) of Thailand has filed a criminal complaint against the cryptocurrency exchange Bitkub and two of its former directors for allegedly providing false information to the regulatory body after a cyberattack that occurred in 2021.

Local media reports indicate that the complaint, submitted to Thailand's Economic Crime Suppression Division, relates to a May 2021 hack that resulted in the theft of 16 types of digital assets valued at 1.7 billion baht (approximately $47 million). The SEC claims that Bitkub's daily net-capital reports from May to October 2021 did not accurately reflect this loss, violating the country's Digital Asset Business Decree.

Former directors Sakolkorn Sakavee and Thaweesap Rawan are accused of falsifying records to mislead the SEC into believing that customer assets had not been affected. The case has now been forwarded to law enforcement and prosecutors, who will determine if it will proceed to court.

Bitkub has stated that the issue revolves around a reporting decision made five years ago and reassured that customer funds are safe. The company explained that the decision to withhold information about the theft was made to prevent a potential bank run, and its co-founders used personal funds to replace the stolen assets, ensuring that neither the exchange nor its customers faced financial losses. They also noted that the SEC had confirmed their asset holdings were secure as of September 2025.

In a video statement, Sakolkorn Sakavee accepted full responsibility, as reported by the Bangkok Post. He claimed that he modified the reports independently without informing other directors or staff members and chose not to disclose the hack due to concerns about possible panic withdrawals that could jeopardize the exchange. Sakolkorn also mentioned that Bitkub's founders utilized their own resources to recover the stolen assets until all customers were reimbursed. He expressed remorse, resigned from his positions within the company, and committed to cooperating with the regulators.

This development arises as Bitkub, once the leading cryptocurrency exchange in Thailand, seeks to go public. However, it has been surpassed by Binance's local division, Binance TH, which currently ranks 31st globally compared to Bitkub's 68th position according to CoinMarketCap. Bitkub had postponed a planned initial public offering on the Stock Exchange of Thailand in November 2025 due to market downturns and is now considering a $200 million IPO in Hong Kong instead.

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