Thailand's SEC Files Criminal Complaint Against Bitkub Over Undisclosed $47M Hack
Thailand's Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, for allegedly submitting false reports after a May 2021 cyberattack that drained 1.7 billion baht ($47 million) in digital assets. The SEC alleges that Bitkub's daily net-capital filings from May to October 2021 showed no significant change, hiding the loss in violation of the Digital Asset Business Decree. Bitkub stated the decision not to disclose was to avoid a bank run, and that co-founders used personal funds to buy replacement assets, leaving customers unharmed. Former director Sakolkorn admitted in a video statement to altering filings alone and apologized, resigning from boards. The case now moves to police and prosecutors. Bitkub, once Thailand's dominant exchange, has since been overtaken by Binance TH and shelved a planned IPO in November 2025.
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