Thailand SEC files complaint against Bitkub for hiding 53 million USD theft

Thailand's Securities and Exchange Commission has filed a criminal complaint against Bitkub Online and two former directors for allegedly failing to report a 2021 theft of about 1.7 billion baht (approximately 53 million USD) in customer assets. The complaint, submitted on July 23, 2026, names Sakolkorn Sakavee and Thaweesap Rawan, who were responsible for daily net-capital reports, known as Form DA 1, during their tenure as directors. The SEC claims Bitkub provided false statements and that the directors made false entries in company documents. A May 2021 cyberattack led to the withdrawal of customer assets across 16 cryptocurrencies, yet Bitkub's reports from May 10 to October 30, 2021, showed no significant change in asset balance, which the SEC considers false reporting. Following the theft, Bitkub reportedly began procuring replacement digital assets on October 31, 2021, though the SEC did not specify when this process was completed. In response, Bitkub admitted that it chose not to disclose the theft to prevent a bank run while replacing the assets, disputing allegations of fraudulent behavior by the directors. The company claimed its co-founders absorbed the loss by purchasing the same currencies in equivalent amounts, asserting that neither the company nor its customers suffered losses. The SEC confirmed that customer digital assets were safe as of September 8, 2025, but this finding does not address the 2021 reporting allegations. An inquiry official will investigate whether to recommend prosecution, with further legal proceedings dependent on the outcome.