Thai SEC Targets Bitkub Over Alleged False Reporting After $47M Hack
Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against crypto exchange Bitkub and two of its former directors, Sakolkorn Sakavee and Thaweesap Rawan, for allegedly submitting false reports to the regulator after a 2021 hack. The breach involved the theft of around $47 million in digital assets from Bitkub's wallet.
The SEC alleges that Bitkub's daily net-capital filings from May to October 2021 showed no significant change in its assets, hiding the loss and breaching Thailand's Digital Asset Business Decree. Sakolkorn took sole responsibility for altering the filings and withholding news of the hack, fearing panic withdrawals.
Bitkub claims that all customer assets are safe and that its co-founders covered the stolen funds at the time by buying replacement assets in the same amounts. The company states that it has since confirmed its holdings were intact as of September 2025.
The case comes as Bitkub, once Thailand's dominant crypto exchange, works toward a public listing. It has since been overtaken by Binance's local arm, Binance TH.