Bitkub Hack Complaint: $47M Theft Hidden 5 Months, Now Goes Criminal
A four-year-old secret finally caught up with one of Southeast Asia’s most prominent crypto exchanges. Thailand’s Securities and Exchange Commission has filed a criminal complaint tied to the Bitkub hack, alleging the exchange and two of its former directors deliberately concealed a $47 million cyberattack from regulators for months — and then submitted false reports to keep the theft hidden.
Key takeaways
- Thailand’s SEC lodged a criminal complaint against Bitkub and former directors Sakolkorn Sakavee and Thaweesap Rawan over false regulatory filings.
- A May 2021 cyberattack drained 16 types of digital assets worth 1.7 billion baht ($47 million) from the exchange.
- False net-capital reports were allegedly submitted from May to October 2021, masking the losses entirely.
- The case has been referred to Thailand’s Economic Crime Suppression Division for police and prosecutors to decide on court proceedings.
- Bitkub postponed its planned Stock Exchange of Thailand IPO in November 2025 and is now weighing a $200 million offering in Hong Kong.
Thailand’s SEC Files Criminal Complaint Over the $47M Bitkub Hack
The complaint, lodged with Thailand’s Economic Crime Suppression Division, targets Bitkub Online and two of its former directors over what regulators describe as a systematic cover-up of a major security breach. According to Thailand’s SEC, attackers drained 16 different cryptocurrencies from the platform in May 2021 — a loss that, at the time, amounted to roughly 1.7 billion baht, or approximately $47 million.
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