Thailand SEC files criminal complaint against Bitkub over undisclosed $47M hack

Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against cryptocurrency exchange Bitkub and two of its former directors, alleging they submitted false reports to the regulator following a 2021 hack.

Key Details

• Complaint filed with: Thailand's Economic Crime Suppression Division
• Incident: A May 2021 cyberattack that drained 16 types of digital assets worth 1.7 billion baht ($47 million) from the exchange
• Allegations: Bitkub's daily net-capital filings from May to October 2021 showed no significant change in assets, concealing the loss in violation of Thailand's Digital Asset Business Decree
• Former directors accused: Sakolkorn Sakavee and Thaweesap Rawan are accused of making false entries to mislead the regulator into believing customer assets were intact

The case now passes to police and prosecutors, who will decide whether to bring it to court.

Bitkub's Response

Bitkub stated that the matter concerns a five-year-old reporting decision and that customer funds remain safe. The company explained that those responsible chose not to disclose the wallet theft to avoid triggering a bank run. Bitkub's co-founders purchased replacement assets in the same amounts, leaving neither the exchange nor its customers out of pocket. The SEC had confirmed Bitkub's holdings were intact as of September 2025, the company added.

Former Director's Statement

In a video statement posted to Facebook, Sakolkorn Sakavee took sole responsibility, according to a translation by the Bangkok Post. He reportedly stated that he altered the filings himself without informing other directors or staff and withheld news of the hack, fearing panic withdrawals and a "bank run" that could have destroyed the exchange. Sakolkorn added that Bitkub's founders used their own money to buy back the stolen assets until every customer was repaid. He apologized, resigned from the company's boards, and pledged to cooperate with regulators.

Context

The case comes as Bitkub, once Thailand's dominant crypto exchange, works toward a public listing. The exchange has since been overtaken by Binance's local arm, Binance TH, which ranks 31st among global exchanges compared to Bitkub's 68th, according to CoinMarketCap. Bitkub shelved a planned Stock Exchange of Thailand IPO in November 2025 as the local market slumped and was weighing a $200 million offering in Hong Kong instead.