Bitkub hid $53M 2021 theft, Thai SEC charges ex-directors

Thailand’s Securities and Exchange Commission filed a criminal complaint on July 23, 2026 with the Economic Crime Suppression Division, alleging that crypto exchange Bitkub Online and two former directors concealed a May 2021 theft of about 1.7 billion baht (roughly $53 million) from customer accounts.

The complaint names former directors Sakolkorn Sakavee and Thaweesap Rawan and alleges they were responsible for daily net-capital reports known as Form DA 1. The regulator states that a May 2021 cyberattack withdrew customer assets across 16 cryptocurrencies and that Bitkub’s Form DA 1 filings from May 10 through Oct. 30, 2021 did not reflect a material change in the exchange’s asset balances after the theft.

According to the complaint, Bitkub began procuring replacement digital assets on Oct. 31, 2021. The SEC alleges false statements and false entries in company documents related to the daily reports. The allegations have not been adjudicated.

In a response to the regulator, Bitkub acknowledged that staff responsible for disclosures chose not to reveal that assets from one company wallet had been stolen, saying the decision aimed to prevent a bank run while the exchange worked to restore customer holdings. The company stated its co-founders ‘absorbed the loss by buying the same currencies in the same quantities’ and disputed that the named individuals acted fraudulently. Bitkub also maintains neither the company nor customers ultimately suffered asset losses from the incident.

The SEC issued a separate update in September 2025 finding that customer digital assets held by Bitkub were safe and complete as of Sept. 8, 2025. That finding addressed the state of customer holdings at a later date but did not resolve the regulator’s claim about the accuracy of the exchange’s 2021 reporting. The complaint treats asset replacement and historical reporting as separate issues.

Under Thailand’s criminal-action process, an inquiry official will investigate the complaint and decide whether to recommend prosecution. A public prosecutor would then review the file and bring charges only if warranted; a court would adjudicate any case brought. Police and prosecutors will review the SEC’s complaint as they determine whether to press charges against Bitkub Online and the two former directors.