Thai SEC Files Criminal Complaint Against Bitkub Over Alleged $47M Hack Concealment
Regulators allege the exchange submitted falsified financial filings after losing 1.7 billion baht to a 2021 cyberattack.
Thailand’s Economic Crime Suppression Division is reviewing criminal charges against major cryptocurrency exchange Bitkub and two of its former directors following regulatory findings that the company concealed a $47 million security breach in 2021.
According to a formal complaint submitted by Thailand’s Securities and Exchange Commission, an exploit in May 2021 resulted in the loss of 1.7 billion baht in digital assets across 16 tokens. The regulator alleges that Bitkub continuously filed inaccurate net-capital balance reports between May and October 2021 to hide the drain, violating mandatory compliance rules under the country’s Digital Asset Business Decree.
The legal action names former directors Sakolkorn Sakavee and Thaweesap Rawan, alleging they falsified financial records to mislead regulators into believing customer balances remained unaffected. In a public video statement, Sakolkorn admitted to altering the regulatory submissions without informing board members or staff. He explained that hiding the breach was intended to prevent widespread market panic and a potential bank run on the platform. Sakolkorn has resigned from all board positions at the firm and pledged to fully cooperate with law enforcement.
Bitkub defended its operational integrity, asserting that no customers or company accounts suffered financial harm. The exchange clarified that its co-founders personally purchased equivalent assets to replace the stolen funds in full. It noted that regulator audits conducted in September 2025 verified that platform holdings were entirely intact and fully backed.
The enforcement action arrives during a turbulent period for Bitkub’s commercial strategy. Once the dominant trading venue in Thailand, the exchange has seen its market standing slide behind competitor Binance TH. Global industry metrics from CoinMarketCap place Binance TH at 31st place among exchanges, whereas Bitkub sits at 68th.
Regulatory pressure could complicate Bitkub’s ongoing efforts to go public. The exchange previously shelved a planned initial public offering on the Stock Exchange of Thailand in November 2025 amid broader market stagnation, subsequently weighing a potential $200 million float in Hong Kong. Police investigators and public prosecutors are currently reviewing the case to determine whether to file formal court indictments.
