Thailand SEC Files Complaint Against Bitkub Over 2021 $47M Hack

Thailand's Securities and Exchange Commission (SEC) has lodged a criminal complaint against the cryptocurrency exchange Bitkub and two of its former directors. The complaint arises from a cyberattack in May 2021, during which approximately $47 million worth of digital assets were stolen from the platform.

The SEC claims that Bitkub did not accurately report the theft in its daily net-capital filings between May and October 2021. Despite the significant loss, the filings indicated no notable changes in Bitkub's assets, which the SEC argues is a violation of the country's Digital Asset Business Decree.

The two former directors, Sakolkorn Sakavee and Thaweesap Rawan, are specifically accused of misleading the SEC by providing false information to create the impression that customer assets were secure. This case has now been referred to Thailand's police and prosecutors, who will determine if it will proceed to court.

In response, Bitkub has stated that all customer assets remain safe and emphasized that its co-founders compensated for the stolen funds at the time of the incident. The exchange clarified that the decision not to disclose the theft stemmed from a desire to prevent panic among customers, fearing potential withdrawal rushes that could jeopardize the platform's stability. They also noted that a review confirmed their holdings were intact as of September 2025.

Sakolkorn Sakavee, in a video statement reported by local media, expressed that he acted independently in altering the financial filings and kept the hack confidential, motivated by concern that revealing the truth would trigger a bank run.

The situation underscores the ongoing regulatory scrutiny faced by cryptocurrency exchanges, especially regarding the transparency of their operational security and financial disclosures.