The Securities and Exchange Commission of Thailand has filed criminal complaints against cryptocurrency exchange Bitkub and two former directors, accusing them of submitting false reports to regulators after a hacking attack in 2021. The case has been transferred to Thailand's Economic Crime Investigation Department, and whether it will proceed to court will be decided by the police and prosecutors.
Regulatory authorities point to false reporting
This case stems from a cyberattack in May 2021. Local media, citing regulators, reported that Bitkub had 16 types of digital assets transferred out, amounting to approximately 1.7 billion baht, or about US$47 million. The Thai Securities and Exchange Commission believes that Bitkub's daily net capital statements submitted between May and October 2021 did not reflect this asset loss.
Regulators allege that two former directors, Sakolkorn Sakavee and Thaweesap Rawan, made false entries in financial statements, misleading regulators into believing that client assets remained intact. This practice is alleged to violate Thailand's Digital Asset Business Act.
Bitkub stated that customer assets were unaffected.
Bitkub responded that the incident involved a disclosure decision made approximately five years ago, and that customer funds have always been safe. The company stated that at the time, the relevant personnel did not disclose the wallet theft to avoid triggering a surge in withdrawals, which could disrupt platform operations.
Bitkub also stated that its co-founders had bought back the stolen assets in the same quantity, so neither the platform nor its customers ultimately suffered any financial loss. The company added that the Thai Securities and Exchange Commission confirmed the integrity of its assets in September 2025.
Former director claims to have unilaterally revised financial statements.
According to a Facebook video statement cited by the Bangkok Post, former director Sakolkorn stated that the modification of the filing documents was his personal decision, and other directors and employees were unaware of it. He claimed that he concealed the hacking news because he feared market panic and a run on the exchange, which could ultimately cripple it.
Sakolkorn also stated that Bitkub's founder later used his own funds to recover all the stolen assets, and all customers have been compensated. He has apologized and resigned from his position as a company director, while also stating that he will cooperate with the regulatory investigation.
The listing plan faces new pressures
This incident occurred while Bitkub was still pushing forward with its IPO plans. Once the dominant cryptocurrency exchange in Thailand, Bitkub has now been surpassed by Binance TH, Binance's local operations.
According to CoinMarketCap data cited in the article, Binance TH ranks 31st globally among exchanges, while Bitkub ranks 68th. Bitkub shelved its planned IPO on the Stock Exchange of Thailand in November 2025 due to a weakening local market. The report also states that the company subsequently considered a fundraising plan of approximately $200 million in Hong Kong.
