The Securities and Exchange Commission (SEC) of Thailand has filed a criminal complaint against the crypto exchange Bitkub Online and two of its former top executives over reporting issues following a cyberattack in May 2021. The case will be reviewed by the Economic Crime Suppression Division.
The regulator alleges that Bitkub provided incorrect information in its daily net capital reports, and former directors Sakolkorn Sakavee and Thawisap Rawan made false entries in the company’s documents. According to the SEC, 16 types of digital assets worth approximately 1.7 billion baht (around $47 million) were stolen from Bitkub in May 2021.
The reports for the period from May 10 to October 30, 2021, did not reflect significant changes in Bitkub’s asset balance due to the theft. The SEC considers this a violation of Section 76 of the Digital Asset Business Decree of 2018.
According to the Commission, Sakavee and Rawan were responsible for submitting the form during the specified period and are accountable along with Bitkub.
Bitkub Claims Client Protection
Representatives of Bitkub stated that some individuals named in the complaint chose not to disclose the theft of one of the wallets to prevent a mass withdrawal of funds. The company claims that since a bank run did not occur, the group’s co-founders personally purchased digital assets of the same type and quantity as those stolen.
Bitkub emphasized that neither the exchange nor its clients suffered any losses. Additionally, the firm noted that the SEC verified the client assets as of September 8, 2025, and confirmed their safety.
However, the Commission stated that the false entries misled the regulator about the safety of client assets and the absence of losses at Bitkub. According to the Bangkok Post, Sakolkorn Sakavee took responsibility and admitted to altering reports and concealing information about the hack, fearing panic.
The SEC clarified that after filing the criminal complaint, the case will undergo investigation, a prosecutorial decision on potential charges, and a court trial.
In November 2021, Thailand’s oldest and third-largest bank, Siam Commercial Bank, invested approximately 17.85 billion Thai baht (~$536 million at the time) in Bitkub by purchasing a 51% stake.
