SEC Files Criminal Complaint Against Bitkub Over Alleged False Reporting Post-Hack
Thailand’s Securities and Exchange Commission (SEC) has lodged a criminal complaint against cryptocurrency exchange Bitkub and two of its former directors, accusing them of submitting falsified reports to the regulator following a significant hack in 2021.
Local media reports indicate the complaint, filed with Thailand’s Economic Crime Suppression Division, is linked to a cyberattack in May 2021 that saw 16 types of digital assets, valued at 1.7 billion baht (approximately $47 million), stolen from the exchange. The SEC alleges that from May to October 2021, Bitkub’s daily net-capital filings did not reflect any substantial changes in its assets, thereby concealing the loss and violating the country’s Digital Asset Business Decree.
The two former directors, Sakolkorn Sakavee and Thaweesap Rawan, are accused of making false entries to deceive the regulator into believing customer assets remained intact. The case has now been passed to the police and prosecutors, who will determine whether to pursue legal action in court.
Bitkub has stated that the matter pertains to a five-year-old reporting decision and that customer funds are secure. The company explained that those responsible opted not to disclose the theft of digital assets to prevent a bank run, and that its co-founders subsequently purchased replacement assets of equivalent value, ensuring neither Bitkub nor its customers incurred financial losses. The SEC had previously confirmed the exchange’s holdings were intact as of September 2025, according to the company.
Former Director Takes Responsibility in Video Statement
In a video statement shared on Facebook, Sakolkorn Sakavee, one of the former directors, has reportedly taken sole responsibility for the actions, as translated by the Bangkok Post. Sakavee is said to have admitted to altering the filings himself without informing other directors or staff, and withholding news of the hack due to fears of panic withdrawals and a “bank run” that could have jeopardized the exchange’s survival. He further stated that Bitkub’s founders used their personal funds to repurchase the stolen assets, ensuring all customers were fully reimbursed. Sakavee has since apologized, resigned from the company’s boards, and pledged his cooperation with regulatory authorities.
Case Emerges Amidst Bitkub’s Public Listing Efforts
This legal challenge comes as Bitkub, once the leading cryptocurrency exchange in Thailand, is working towards a public listing. The exchange has since been surpassed by Binance’s local operation, Binance TH, which currently ranks 31st among global exchanges compared to Bitkub’s 68th, according to CoinMarketCap data. Bitkub had previously postponed a planned Initial Public Offering (IPO) on the Stock Exchange of Thailand in November 2025 due to a slump in the local market and was reportedly considering a $200 million offering in Hong Kong.
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