SEC in Thailand sued Bitkub and two former directors for the theft of $50 million of encrypted assets

On 24 July, SEC Thailand initiated criminal proceedings against Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, in the Economic Crime Suppression Branch on 23 July, alleging the theft of some 1.7 billion Thai baht (approximately $50 million) in a false daily net capital report to the regulatory authority between 10 May and 30 October of the same year, following the hacking of 2021. The two former directors were also accused of making false records in relevant corporate documents, which led the regulator to assume that the customer ' s assets were in normal custody and that Bitkub was not lost. In response, Bitkub stated that the incident had occurred about five years earlier when the persons concerned had chosen not to disclose stolen information in order to avoid a run-off, that the co-founder had purchased out of his own pocket the same number and type of digital assets to fill the gap, that the customer ' s assets had not been lost, and that the Thai SEC had confirmed the security of the customer ' s assets on 8 September 2025。