Thai SEC files criminal charges against Bitkub, accusing the platform of covering up a 2021 hack worth approximately $50 million.

According to a report by The Nation Thailand, Thailand’s Securities and Exchange Commission (SEC) filed criminal charges against Bitkub Online and two of its former directors—Sakolkorn Sakavee and Thaweesap Rawan—with the country’s Department of Special Investigation (economic crime suppression agency) on July 23. The charges allege that after Bitkub was hacked in 2021, the platform submitted false daily net capital reports to regulators between May 10 and October 30 of that year, failing to truthfully disclose the theft of digital assets worth roughly 1.7 billion baht. The two former directors were also accused of making false entries in corporate documents, misleading regulators into believing customer assets were properly safeguarded and Bitkub had not sustained losses. In a statement, Bitkub responded that the incident occurred around five years ago, and relevant personnel opted not to disclose the theft at the time to prevent a bank run. The exchange’s co-founders personally purchased an equal quantity and type of digital assets to cover the shortfall, ensuring customer assets suffered no losses. Thailand’s SEC also confirmed on September 8, 2025 that customer assets are safe and intact.