Thailand's SEC Files Criminal Complaint Against Bitkub Over Undisclosed $47M Hack

According to local media reports, Thailand's Securities and Exchange Commission filed a criminal complaint against crypto exchange Bitkub and two former directors on July 27 over allegedly false financial reports submitted after a May 2021 cyberattack. The SEC alleges that Bitkub's daily net-capital filings from May to October 2021 failed to disclose the theft of 1.7 billion baht ($47 million) in digital assets across 16 asset types, in violation of Thailand's Digital Asset Business Decree.

The two former directors, Sakolkorn Sakavee and Thaweesap Rawan, are accused of making false entries to conceal the loss from regulators. Bitkub said customer funds remain safe and that its co-founders purchased replacement assets at the time, leaving neither the exchange nor its customers out of pocket. The case now passes to police and prosecutors for further investigation.