Thailand's Securities and Exchange Commission filed criminal charges against Bitkub Online and two former directors, accusing them of hiding a massive $50 million cryptocurrency theft from regulators in 2021. The complaint claims that from May to October 2021, Bitkub’s official reports intentionally omitted the hack’s impact, misleading authorities about the exchange’s financial health.
The SEC alleges that during a May 2021 cyberattack, hackers stole 16 types of digital assets totaling over 1.7 billion baht. Despite the breach, Bitkub submitted daily net capital reports that showed no loss, according to the regulator's investigation. Officials believe executives Sakolkorn Sakavee and Thaweesap Rawan manipulated these filings to disguise the theft and falsely assure customers and regulators that funds were safe.
Ongoing Investigation and Bitkub’s Response
The case is now with Thailand’s Economic Crime Suppression Division, which will probe further before prosecutors decide on formal indictments. Bitkub says it replaced the stolen assets by late October 2021 and insists all customer holdings have remained fully intact since the hack. The exchange stressed that leadership acted to protect users despite the interim reporting issues.
This incident follows a previous operational outage that also triggered regulatory scrutiny, including a temporary suspension order from the SEC. The scrutiny intensifies as authorities clamp down on compliance across Southeast Asia’s crypto sector. Meanwhile, Bitkub's defense highlights a broader tension between rapid crypto growth and regulatory expectations.
This material is for informational purposes only and does not constitute financial advice.
