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Thailand’s Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub and two former directors over reports submitted after a $47 million hack. The regulator alleges the filings concealed losses from the May 2021 attack. Police and prosecutors will now decide whether the case proceeds to court.
The attack drained 16 digital assets worth 1.7 billion baht from Bitkub. From May through October 2021, the crypto exchange reported no major change in its daily net capital. The SEC says those filings hid the missing assets and breached Thailand’s Digital Asset Business Decree. Former directors Sakolkorn Sakavee and Thaweesap Rawan allegedly made false entries that suggested customer holdings remained intact.
The complaint now sits with the Economic Crime Suppression Division. Investigators and prosecutors must review the evidence before deciding whether to pursue criminal charges. Could a decision intended to prevent panic now become the central issue in a criminal case?
Bitkub said the complaint concerns a reporting decision made five years ago. The company also said customer funds remain safe and no client suffered a loss. According to Bitkub, those responsible withheld the theft to avoid panic withdrawals and a possible bank run. Its co-founders then used personal funds to replace the stolen assets in equal amounts.
Sakolkorn accepted sole responsibility in a Facebook video, according to a Bangkok Post translation. He said he changed the filings without informing other directors or staff.
He also said the founders replaced every missing asset and repaid all customers. Sakolkorn apologized, resigned from company boards and pledged to cooperate with authorities.
The case comes as Bitkub continues exploring a public listing. The exchange abandoned a planned Thai IPO in November 2025 and considered a $200 million Hong Kong offering. Binance TH has also overtaken Bitkub in global exchange rankings. CoinMarketCap placed Binance TH at 31st and Bitkub at 68th, according to the supplied figures.
Meanwhile, the Bank of Thailand and the SEC have started examining large stablecoin transfers. Authorities are using data tools to review transactions involving Tether’s USDT and possible reporting gaps.
Regulators have also increased checks on large cash movements, gold activity and bank accounts linked to online gambling. Those reviews form part of broader anti-money laundering efforts. At the same time, Thailand approved cryptocurrencies as eligible underlying assets under its Derivatives Trading Act. The change allows regulated futures and options to reference assets such as Bitcoin.
Also Read: Thailand Tightens USDT Oversight as Stablecoin Demand Climbs Fast
The SEC must now draft licensing rules and contract standards. It has also proposed allowing digital asset firms to seek derivatives licenses through one company rather than separate entities. SEC Secretary-General Pornanong Budsaratragoon said the proposal would support crypto as an investment asset class.
She also said regulated products should operate under suitable investor safeguards. Police and prosecutors will now determine whether the evidence supports criminal charges as Thailand expands oversight across its digital asset market.
