Thai SEC charges Bitkub over $47M undisclosed 2021 hack

Thailand’s Securities and Exchange Commission filed a criminal complaint against crypto exchange Bitkub and two former directors over an alleged May 2021 cyberattack that drained 1.7 billion baht ($47 million) in digital assets. The complaint, lodged with the Economic Crime Suppression Division, alleges Bitkub’s daily net-capital filings from May to October 2021 did not show the loss.

The complaint names former directors Sakolkorn Sakavee and Thaweesap Rawan and accuses them of submitting false entries that misled regulators into believing customer assets remained intact. The SEC says those filings showed no significant change in reported capital during the six-month period, in breach of the country’s Digital Asset Business Decree, which requires accurate daily reporting of net capital.

The regulator alleges the May 2021 breach led to the theft of 16 types of digital assets from Bitkub’s wallets. The case has been transferred to police and prosecutors, who will review the complaint and evidence and decide whether to file charges in court.

In a statement, Bitkub described the matter as a five-year-old reporting decision and said customer funds were safe. The company said its co-founders bought replacement assets in matching amounts at the time and that the decision not to disclose the wallet theft aimed to avoid triggering panic withdrawals. Bitkub said the SEC had confirmed its holdings were intact as of September 2025.

In a video posted to Facebook, Sakolkorn took personal responsibility, saying he altered the filings without informing other directors or staff and withheld news of the hack because he feared panic withdrawals and a “bank run”. He apologized, resigned from the company’s boards and pledged to cooperate with regulators. Bitkub has said those involved used their own funds to restore customer balances until all customers were repaid.

The complaint comes as Bitkub pursues a public listing. The exchange postponed a planned initial public offering on the Stock Exchange of Thailand in November 2025 after a weak local market and has been considering a roughly $200 million offering in Hong Kong. Exchange rankings have shifted since 2021; one local competitor now ranks ahead of Bitkub in global exchange listings.

Police and prosecutors will now review the SEC’s complaint and decide whether to bring the matter to court.