Thailand’s SEC Files Criminal Complaint Against Bitkub for Undisclosed $47M Hack

Thailand’s Securities and Exchange Commission has filed a lawsuit against crypto exchange Bitkub and two of its former directors, alleging that they made false reports to the regulator after the 2021 hack.

According to reports in local media, the complaint, which was submitted to Thailand’s Economic Crime Suppression Division, stems from a May 2021 cyberattack in which 16 types of digital assets worth 1.7 billion baht ($47 million) were removed from the exchange. From May to October 2021, the SEC says, Bitkub’s daily records did not show significant changes in its financial position, concealing losses, in violation of the Digital Asset Business Decree.

The two former directors, Sakolkorn Sakavee and Thaweesap Rawan, are accused of writing falsehoods to mislead management into believing that the client’s assets are insolvent. The case now goes to the police and prosecutors, who will decide whether to bring it to court.

Bitkub said that the issue is related to the five-year election and that customers’ money is safe. Those responsible chose not to disclose the wallet theft to avoid triggering the bank, the company said, and the co-founders bought similar products from the same places, leaving Bitkub or its customers out of pocket. The SEC has confirmed that the transaction will be effective from September 2025, it added.

In a video audio was posted on Facebook, Sakolkorn took sole responsibility, according to the interpretation of a Bangkok Post. The former manager says he changed the listing without telling other regulators or staff and didn’t report the hack, fearing withdrawals and a “bank run” that could damage the exchange. Sakolkorn added that the founders of Bitkub used their money to buy back the stolen products until every customer was returned. He apologized, resigned from the company’s board, and promised to cooperate with the authorities.

The case comes as Bitkub, once Thailand’s most popular crypto exchange, engages in recruitment. It has since been overtaken by Binance’s local arm, Binance TH, which ranks 31st among global exchanges to 68 for Bitkub, on CoinMarketCap price. Bitkub postponed the Stock Exchange of Thailand IPO planned for November 2025 as the local stock market fell, and was measure $200 million offered to Hong Kong instead.