The Securities and Exchange Commission of Thailand has filed a criminal lawsuit against Bitkub, accusing it of concealing a 2021 hack of around $50 million.

BlockBeats News, July 24th, according to The Nation Thailand, the Thai SEC filed a criminal lawsuit on July 23rd with the Economic Crime Suppression Division against Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan. They were accused of submitting false daily net capital reports to the regulator between May 10th and October 30th, 2021, after suffering a hack in 2021 and failing to disclose that around 1.7 billion Thai baht worth of digital assets were stolen. The two former directors were also charged with making false entries in the company's records to mislead the regulator into believing that customer assets were safely held and that Bitkub had not incurred any losses.

Bitkub issued a statement in response, stating that the incident occurred about five years ago, and at that time, the decision not to disclose the theft was made to prevent a run on the exchange. The co-founder personally purchased an equivalent amount and type of digital assets to cover the shortfall. Customer assets were not affected, and the Thai SEC confirmed the safety and integrity of customer assets on September 8, 2025.