- Thailand‘s SEC filed a criminal complaint against Bitkub and two former directors for allegedly providing false information after a $50 million cyberattack in 2021
- The regulator claims Bitkub failed to disclose the hack’s impact in daily net capital reports for nearly six months
- Bitkub disputes the allegations, saying it delayed disclosure to prevent a bank run while co-founders replaced the stolen assets
- The case emerges as Bitkub’s parent company considers a potential public listing in Hong Kong
Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against Bitkub Online, one of the country’s largest crypto exchanges, and two former directors over alleged false reporting connected to a 2021 cyberattack, the regulator announced on Thursday. The complaint names former directors Sakolkorn Sakavee and Thaweesap Rawan, who the SEC said were responsible for submitting company reports during the period under investigation.
The SEC alleges a May 2021 cyberattack resulted in the theft of 16 types of digital assets worth about $50 million. Bitkub later replaced the stolen assets by Oct. 31, 2021, but according to the SEC, failed to accurately reflect the impact in its daily net capital reports between May 10 and Oct. 30, 2021.
The regulator alleged the omission gave the impression that customer assets remained unchanged. The case will proceed through investigation, possible prosecution and court proceedings.
Bitkub disputed the SEC’s allegations in a post on X, saying the case stems from disclosure decisions made after the cyberattack rather than fraudulent conduct. The exchange said it delayed disclosing the wallet compromise to prevent a bank run while it addressed the loss.
The company said its co-founders later purchased equivalent digital assets to cover the stolen funds, leaving neither the company nor its customers with financial losses. Bitkub added that it has since strengthened its governance, compliance and security systems.
Founded in 2018, Bitkub ranks first among Thai crypto exchanges by trust score with about $712 million in daily trading volume, according to data from CoinGecko. In December 2025, Bitkub confirmed it was considering an initial public offering, including a potential listing in Hong Kong.
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