• Update: Bitkub Assures Customer Asset Security Following Thai SEC Accusation Over 2021 Wallet Hack

The enforcement action stems from an investigation into a May 2021 cyberattack targeting Bitkub’s digital asset exchange. The incident resulted in the unauthorized withdrawal of 16 cryptocurrencies belonging to customers, valued at approximately 1.7 billion baht. Although Bitkub eventually procured replacement digital assets starting on October 31, 2021, the company failed to accurately report its financial position to the regulator during the interim period.

According to the SEC, Bitkub’s daily net capital reports (Form DA 1) submitted between May 10 and October 30, 2021, omitted the material changes caused by the stolen funds. This omission constituted giving false statements to the regulator, violating Section 76 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). As directors responsible for submitting the daily financial reports during the incident, Mr. Sakolkorn and Mr. Thaweesap face legal liability under Section 94 in conjunction with Section 76 of the Emergency Decree.

Furthermore, the SEC determined that both former directors deliberately entered false records into Form DA 1. This action was intended to deceive the regulatory authority into believing that customer assets were intact and that the exchange had sustained no material damage. Such conduct constitutes an offense under Section 88(2) of the Emergency Decree, which penalizes the falsification of corporate documents to deceive others.

The criminal complaint submitted to the ECD initiates formal legal enforcement procedures, which will include police investigation, public prosecution, and judicial adjudication. The SEC stated it will monitor the case closely and fully cooperate with law enforcement authorities throughout the legal process.

In light of the proceedings, the regulatory agency advised the public and investors to remain cautious and utilize only licensed digital asset operators to ensure legal protections. Investors can verify regulatory compliance and authorized entities via the SEC Check First application or official SEC website channels.

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