ChainCatcher report, according to The Nation Thailand, on July 23, the Thai SEC filed criminal charges against cryptocurrency exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, for submitting false daily net capital reports to regulators between May 10 and October 30, 2021, following a hacker attack in 2021, failing to disclose the theft of approximately 1.7 billion Thai baht in digital assets. The two former directors are also accused of making false entries in company documents, misleading regulators into believing that customer assets were properly safeguarded and that Bitkub had suffered no losses. Bitkub issued a statement responding that the incident occurred approximately five years ago, when the individuals involved chose not to disclose the theft to avoid a bank run. The co-founders personally purchased digital assets of equal quantity and type to cover the shortfall, ensuring no customer assets were lost. The Thai SEC confirmed on September 8, 2025, that customer assets remain secure and intact.
Thailand SEC Files Criminal Charges Against Bitkub Over 2021 Hack
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Thailand SEC news: On July 23, the country’s securities regulator filed criminal charges against Bitkub Online and two former directors, accusing them of falsifying reports following a 2021 exchange hack that resulted in the theft of approximately $50 million in cryptocurrency. The exchange stated the data was concealed to prevent panic and that the founders have repaid all customer funds.
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