Thailand Regulatory Body Pursues Criminal Action Against Bitkub
Thailand’s Securities and Exchange Commission (SEC) has filed a formal criminal complaint against the prominent domestic cryptocurrency exchange Bitkub and two former directors, Sakolkorn Sakavee and Thaweesap Rawan. The complaint, submitted to the Economic Crime Suppression Division, accuses the parties of submitting false daily net-capital reports to the regulator following a major security breach in 2021.
Details of the Undisclosed Cyberattack
The regulatory conflict originates from a cyberattack in May 2021, during which hackers exfiltrated 16 different digital assets worth 1.7 billion baht (approximately $47 million) from the exchange. Under the jurisdiction’s Digital Asset Business Decree, licensed operators must provide transparent and accurate financial disclosures, including daily net-capital reports, to ensure solvency and protect customer assets. The SEC alleges that from May to October 2021, Bitkub’s daily filings intentionally omitted the $47 million loss, presenting an artificial picture of asset stability to regulators.
Executive Admission and Asset Replenishment
Former director Sakolkorn Sakavee publicly took sole responsibility for the reporting decisions. In a video statement, Sakolkorn explained that he altered the regulatory filings independently, keeping other board members and staff uninformed. The concealment was driven by fears of triggering panic withdrawals and a bank run that could have collapsed the trading platform. To prevent financial damage to clients, the co-founders reportedly utilized their personal funds to purchase replacement digital assets in identical amounts. Consequently, the SEC verified that Bitkub’s asset reserves were fully intact as of September 2025.
IPO Aspirations and Shift to Hong Kong
The criminal complaint comes at a challenging time for Bitkub. Once the undisputed leader in Thai digital asset trading, the exchange has faced intense competition from Binance TH, the joint venture of the global giant, which currently ranks 31st in trading volume on CoinMarketCap, compared to Bitkub at 68th. Due to domestic market contraction, Bitkub postponed its planned initial public offering (IPO) on the Stock Exchange of Thailand in November 2025. The company has since been evaluating a $200 million public listing in Hong Kong, an plan that may now face regulatory obstacles due to these pending criminal proceedings.
Frequently Asked Questions (FAQ)
Did Bitkub customers lose funds during the 2021 hack?
No. According to statements from the exchange and former director Sakolkorn Sakavee, the co-founders repurchased the stolen digital assets using their own capital. The SEC confirmed that customer holdings were intact by September 2025.
What specific laws did the executives allegedly violate?
The executives are accused of violating the Digital Asset Business Decree by entering false information into daily net-capital reports to hide a capital deficit from the regulatory authority.
Will this criminal case impact Bitkub’s future public listing?
Yes. Although Bitkub shelved its planned IPO on the Stock Exchange of Thailand in November 2025, its alternative plan to pursue a $200 million listing in Hong Kong will likely face strict regulatory scrutiny due to the ongoing criminal investigation.
