Thailand's SEC Files Criminal Complaint Against Bitkub Over Undisclosed $47M Hack
Thailand's Securities and Exchange Commission (SEC) 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 claims 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 the hack was to avoid a bank run, and its co-founders used personal funds to buy replacement assets, leaving customers unharmed. Former director Sakolkorn took sole responsibility, saying he altered filings without informing others. 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, now considering a $200 million offering in Hong Kong.
Editorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page itself is projected from evidence records.
- Current automated evidence projection