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Thailand SEC Sues Bitkub Over Alleged Hack Cover-Up

The regulator says Bitkub and two former executives failed to properly disclose the 2021 attack, and the case also raises questions about reporting duties and oversight under MiCA.

By Mike Hesp
• 1 min read
Thailand SEC Sues Bitkub Over Alleged Hack Cover-Up

Key Takeaways

  • Thailand's SEC is suing Bitkub and two former executives over the alleged concealment of a hack in May 2021.
  • The cyberattack led to the theft of about 1.7 billion baht, or around $50 million, across 16 digital assets.
  • The case has been referred to the Economic Crime Suppression Division and could end in a public prosecution.

Thailand's Securities and Exchange Commission (SEC) has accused crypto exchange Bitkub and two former executives of concealing a cyberattack that resulted in the theft of about 1.7 billion baht, or $50 million (€43.9 million). Local media reports say the matter is now being handled further by the Economic Crime Suppression Division in the form of a criminal complaint.

Allegation of Misleading Information

The regulator says Bitkub, along with former executives Sakolkorn Sakavee and Thaweesap Rawan, submitted false information and inserted misleading statements into company documents in an effort to mislead the regulator. According to the SEC, the attack happened in May 2021 and involved 16 different digital assets.

Based on the SEC's investigation, Bitkub failed to properly disclose the incident in the filings required at the time. The case is now moving into a police investigation and could eventually lead to a public prosecution.

Damage and Recovery

The SEC and Bitkub say the losses were fully covered by the end of October 2021. A key point is that the stolen assets were replaced at the time to prevent customers from absorbing the losses and to help calm market panic. That puts the case in the broader context of cybersecurity, but also reporting rules and oversight for crypto exchanges.

Why This Matters for the Crypto Market

For European crypto readers, the case is a reminder of how closely regulators can scrutinize the way exchanges report security incidents. With MiCA raising the standard for transparency and operational controls in Europe, a case like this could also shape the wider debate around compliance, custody, and the role of major trading platforms. Bitkub is Thailand's largest crypto exchange and, according to local market data, processes more than $500 million (€439 million) in daily trading volume.

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