Thailand's SEC Recordsdata Felony Criticism Towards Bitkub Over Undisclosed $47M Hack – Decrypt

Thailand’s Securities and Trade Fee has filed a legal grievance towards crypto alternate Bitkub and two of its former administrators, alleging they submitted false stories to the regulator after a 2021 hack.

In line with stories in native media, the grievance, lodged with Thailand’s Financial Crime Suppression Division, stems from a Could 2021 cyberattack wherein 16 forms of digital belongings price 1.7 billion baht ($47 million) had been drained from the alternate. From Could to October 2021, the SEC alleges, Bitkub’s every day net-capital filings confirmed no important change in its belongings, hiding the loss, in breach of the nation’s Digital Asset Enterprise Decree.

The 2 former administrators, Sakolkorn Sakavee and Thaweesap Rawan, are accused of creating false entries to mislead the regulator into believing buyer belongings had been intact. The case now passes to police and prosecutors, who will resolve whether or not to convey it to court docket.

Bitkub mentioned the matter issues a five-year-old reporting choice and that buyer funds are secure. These accountable selected to not disclose the pockets theft to keep away from triggering a financial institution run, the corporate mentioned, and its co-founders purchased alternative belongings in the identical quantities, leaving neither Bitkub nor its prospects out of pocket. The SEC had confirmed its holdings had been intact as of September 2025, it added.

In a video assertion posted to Fb, Sakolkorn took sole duty, in response to a translation by the Bangkok Submit. The previous director reportedly mentioned he altered the filings himself with out telling different administrators or employees and withheld information of the hack, fearing panic withdrawals and a “financial institution run” that might have destroyed the alternate. Sakolkorn added that Bitkub’s founders used their very own cash to purchase again the stolen belongings till each buyer was repaid. He apologized, resigned from the corporate’s boards, and pledged to cooperate with regulators.

The case comes as Bitkub, as soon as Thailand’s dominant crypto alternate, works towards a public itemizing. It has since been overtaken by Binance’s native arm, Binance TH, which ranks thirty first amongst international exchanges to Bitkub’s 68th, per CoinMarketCap. Bitkub shelved a deliberate Inventory Trade of Thailand IPO in November 2025 because the native market slumped, and was weighing a $200 million providing in Hong Kong as an alternative.