Bitkub SEC complaint targets exchange over alleged $47 million hack reports

Thailand’s Securities and Exchange Commission has filed a criminal complaint against Bitkub, putting the Bitkub SEC complaint at the center of a fresh test for crypto exchange disclosure. For everyday crypto users, the core issue is direct: regulators say the exchange’s filings did not show a major loss after a hack, while Bitkub says customers were made whole.

The complaint names Bitkub and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, according to reports in local media cited by Decrypt. Thailand’s SEC alleges the exchange submitted false reports after a cyberattack in May 2021 that drained 16 types of digital assets worth 1.7 billion baht, or about $47 million, from the platform.

The regulator’s complaint was lodged with Thailand’s Economic Crime Suppression Division, according to those reports. The matter now moves to police and prosecutors, who will decide whether to take the case to court.

What is the Bitkub SEC complaint about?

Thailand’s SEC says Bitkub’s daily net-capital reports from May through October 2021 did not reflect the loss from the hack. Net capital is a measure regulators use to check whether a financial firm has enough assets available after accounting for liabilities and risks.

According to the regulator, the filings showed no major change in Bitkub’s assets even after the theft. The SEC alleges that omission violated Thailand’s Digital Asset Business Decree, the legal framework for licensed digital-asset businesses in the country.

The two former directors are accused of making false entries that misled the regulator into believing customer assets remained intact, according to the local media reports cited by Decrypt.

What Bitkub says happened

Bitkub said the case concerns a reporting decision from roughly five years ago and said customer funds are safe. The company said those responsible at the time chose not to disclose the wallet theft because they wanted to avoid a bank run, according to Decrypt’s account of the company’s statement.

A bank run happens when many customers rush to withdraw funds at once because they fear a company may not be able to meet its obligations. In crypto, that pressure can hit fast because users can often move assets around the clock.

Bitkub said its co-founders bought replacement digital assets in the same amounts as those taken, leaving neither the exchange nor customers with losses. The company also said the SEC had confirmed its holdings were intact as of September 2025.

Why the case matters for crypto investors

The case is about disclosure, not just the hack itself. For users of centralized crypto exchanges, the question is whether a platform accurately tells regulators when a security incident changes its financial position.

Thailand’s SEC is alleging that Bitkub’s reports hid the theft during a five-month period in 2021. Bitkub is saying customers were protected because the missing assets were replaced. Police and prosecutors will determine whether the complaint advances into a court case.

This story draws on original reporting from Decrypt.