Thailand’s Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub and two of its former directors, alleging they submitted false reports to the regulator after a 2021 hack.
Local media reports said the complaint was lodged with Thailand’s Economic Crime Suppression Division. It relates to a May 2021 cyberattack in which 16 digital assets worth 1.7 billion baht, or about $47 million, were drained from the exchange. The SEC alleges that from May to October 2021, Bitkub’s daily net-capital filings showed no significant change in assets, concealing the loss and breaching Thailand’s Digital Asset Business Decree.
Former directors named in complaint
The two former directors identified by the regulator are Sakolkorn Sakavee and Thaweesap Rawan. According to the SEC, they made false entries that misled the regulator into believing customer assets remained intact.
The case now moves to police and prosecutors, who will decide whether to bring it before a court.
Bitkub says customer funds are safe
Bitkub said the issue concerns a reporting decision made five years ago and that customer funds are safe. The company said those responsible chose not to disclose the wallet theft to avoid triggering a bank run. It also said its co-founders bought replacement assets in the same amounts, leaving neither Bitkub nor its customers with losses. The exchange added that the SEC had confirmed its holdings were intact as of September 2025.
In a video statement posted to Facebook, Sakolkorn took sole responsibility, according to a translation published by the Bangkok Post. The former director reportedly said he altered the filings himself without informing other directors or staff. He also said he withheld news of the hack because he feared panic withdrawals and a “bank run” that could have destroyed the exchange.
Sakolkorn added that Bitkub’s founders used their own money to buy back the stolen assets until every customer had been repaid. He apologized, resigned from the company’s boards, and said he would cooperate with regulators.
Case emerges as Bitkub pursues listing plans
The complaint comes as Bitkub, once the dominant crypto exchange in Thailand, continues to work toward a public listing. It has since been overtaken by Binance’s local arm, Binance TH. According to CoinMarketCap, Binance TH ranks 31st among global exchanges, while Bitkub ranks 68th.
Bitkub shelved a planned initial public offering on the Stock Exchange of Thailand in November 2025 as the local market weakened. It was also weighing a $200 million offering in Hong Kong instead.