Thailand’s Securities and Exchange Commission has filed a criminal complaint against cryptocurrency exchange Bitkub and two former directors, alleging they concealed losses from a $47 million hack in 2021. The regulator claims the exchange submitted false capital reports that hid the theft of 16 digital assets worth 1.7 billion baht from May through October 2021.
The SEC alleges that former directors Sakolkorn Sakavee and Thaweesap Rawan made false entries suggesting customer holdings remained intact, violating Thailand’s Digital Asset Business Decree. The complaint has been forwarded to the Economic Crime Suppression Division, which will review the evidence and decide whether to pursue criminal charges.
Bitkub responded by stating that the complaint concerns a reporting decision made five years ago, emphasizing that customer funds were never at risk. According to the exchange, the decision to withhold the theft was made to prevent panic withdrawals and a potential bank run. The co-founders personally replaced every stolen asset from their own funds, ensuring no client suffered a loss.
Sakolkorn accepted sole responsibility in a Facebook video, translated by Bangkok Post, admitting he altered the filings without informing other directors or staff. He apologized, resigned from company boards, and pledged to cooperate with authorities. He also confirmed that the founders had repaid all customers in full.
The case emerges as Thailand expands its cryptocurrency oversight. The Bank of Thailand and the SEC are now examining large stablecoin transfers, particularly Tether’s USDT, using data tools to identify reporting gaps. Regulators have also increased scrutiny of large cash movements, gold transactions, and bank accounts linked to online gambling as part of broader anti-money laundering efforts.
Additionally, Thailand has approved cryptocurrencies as eligible underlying assets under its Derivatives Trading Act, allowing regulated futures and options to reference assets like Bitcoin. The SEC is now drafting licensing rules and contract standards, and has proposed allowing digital asset firms to obtain derivatives licenses through a single entity rather than separate companies. SEC Secretary-General Pornanong Budsaratragoon stated the proposal aims to support crypto as an investment asset class while ensuring suitable investor safeguards.
Meanwhile, Bitkub continues to explore a public listing after abandoning a planned Thai IPO in November 2025 and considering a $200 million Hong Kong offering. Binance TH has overtaken Bitkub in global exchange rankings, with CoinMarketCap placing Binance TH at 31st and Bitkub at 68th.