Thailand SEC files criminal complaint against Bitkub for $50 million hack concealment

Thailand’s Securities and Exchange Commission lodged a criminal complaint with the Economic Crime Suppression Division against crypto exchange Bitkub Online Co Ltd and two former directors, Sakolkorn Sakavee and Thaweesap Rawan. The regulator alleges the company made false entries in its daily net‑capital filings from May to October 2021, hiding a cyber‑theft of roughly 1.7 billion baht (about $47‑50 million) in digital assets.

Bitkub says the co‑founders used their own funds to replace the stolen assets, that all customer holdings remain safe, and that the decision not to disclose the hack was intended to prevent a panic‑driven bank run. The case has been transferred to police and prosecutors, who will decide whether to seek indictment.

The complaint comes as Bitkub prepares for a public listing while facing competition from larger exchanges such as Binance Thailand.