Key facts
- Thailand's SEC filed a criminal complaint against crypto exchange Bitkub and two former directors.
- The complaint alleges false reports were submitted following a 2021 hack that resulted in a $47 million loss.
- Bitkub's daily capital filings allegedly did not reflect the theft of digital assets between May and October 2021.
- Former director Sakolkorn Sakavee claimed sole responsibility for altering filings to prevent panic withdrawals.
- Bitkub asserts that customer assets are safe, with co-founders having replaced the stolen funds.
Thailand's Securities and Exchange Commission (SEC) has initiated a criminal complaint against the cryptocurrency exchange Bitkub and two of its former directors. The complaint stems from allegations that the exchange submitted false reports to the regulator following a significant hack in 2021.
According to local media reports, the SEC's complaint, filed with Thailand's Economic Crime Suppression Division, concerns a May 2021 cyberattack where approximately $47 million worth of 16 different digital assets were stolen from Bitkub. The SEC alleges that from May to October 2021, Bitkub's daily net-capital filings did not accurately reflect this loss, thereby violating the country's Digital Asset Business Decree.
Former directors Sakolkorn Sakavee and Thaweesap Rawan are accused of falsifying entries to deceive the regulator about the status of customer assets. The case will now proceed to the police and prosecutors for further action.
Bitkub has stated that all customer assets remain secure and that the exchange's co-founders covered the value of the stolen funds at the time of the incident. The company explained that the decision not to disclose the wallet theft was to prevent panic withdrawals and a potential bank run. Bitkub also noted that the SEC had confirmed its holdings were intact as of September 2025.
In a video statement, Sakolkorn Sakavee reportedly accepted sole responsibility for altering the filings without informing other directors or staff. He cited fears that news of the hack could lead to a bank run that would destroy the exchange. He also confirmed that Bitkub's founders used personal funds to repay customers, and he apologized for his actions, resigning from the company's boards and pledging cooperation with regulators.
The legal action comes as Bitkub, once a leading exchange in Thailand, aims for a public listing. The exchange has since been surpassed by Binance's local entity, Binance TH, in market ranking. Bitkub previously postponed a planned IPO on the Stock Exchange of Thailand in November 2025 due to a market downturn and was reportedly considering a $200 million offering in Hong Kong.