Bitkub's 1.7 Billion Asset Theft and SEC Governance Crisis

MGR Online•Economy•19d ago

Reader Briefing

The SEC has filed charges against Bitkub Online Co., Ltd. and two former directors for concealing a 1.7 billion baht digital asset theft that occurred in 2021.

•Bitkub Online Co., Ltd. and two former directors were reported to the ECD on July 23, 2026, for filing false reports regarding a hack.
•Digital assets of customers across 16 currencies valued at over 1.7 billion baht were stolen in May 2021.
•The theft occurred 10 days before the launch of the KUB coin on May 20, 2021.
•The SEC's failure to detect the anomaly for four years has raised questions about governance and the exclusion of Jirayut Srupsrisopa from the charges.

Overview

•Digital assets worth over 1.7 billion baht were stolen from Bitkub Online Co., Ltd. customers in May 2021.
•Bitkub Online Co., Ltd. management replaced the stolen assets on October 31, 2021.
•The SEC filed charges against Bitkub Online Co., Ltd. and former directors Sakolkorn Srakawi and Taweesap Rawarn on July 23, 2026.
•Grant Thornton signed off on financial statements without knowledge of the theft, requiring retroactive corrections.
•SCBX and Asphere Innovations entered into investment deals with Bitkub without being informed of the asset theft.
•Bitkub previously paid civil fines totaling over 15.2 million baht for various SEC regulation violations.
•The theft occurred on May 10, 2021, only 10 days before the KUB coin began trading on May 20, 2021.
•SCBS resolved to cancel the acquisition of Bitkub shares on August 25, 2022, citing Wash Trading and KUB coin listing issues.

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Key Entities

Organization

Bitkub Online Co., Ltd.(บริษัท บิทคับ ออนไลน์ จำกัด)ℹ️

A digital asset exchange company accused of concealing a 1.7 billion baht hack.

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

The regulatory body that filed charges against Bitkub Online Co., Ltd. and two former directors.

Economic Crime Suppression Division(บก.ปอส.)

The police unit where the SEC filed charges against Bitkub and its former directors.

Grant Thornton(แกรนท์ ธอนตัน)ℹ️

The international auditing firm that certified Bitkub's financial statements without knowledge of the theft.

SCBX(เอสซีบี เอกซ์)

A company that planned to acquire a 51% stake in Bitkub for 17,850 million baht.

Asphere Innovations PCL(บมจ. แอสเฟียร์ อินโนเวชั่นส์)

A company that purchased a 9.22% stake in Bitkub for 600 million baht.

Sondhithalk(สนธิทอร์ค)

An investigative news program that exposed the Bitkub hack concealment.

SCBS(บริษัทหลักทรัพย์ ไทยพาณิชย์ จำกัด)

The entity whose board resolved to cancel the acquisition of Bitkub shares on August 25, 2022.

Bitkub Blockchain Technology Co., Ltd.(บริษัท บิทคับ บล็อกเชน เทคโนโลยี จำกัด)

A company that investors are encouraged to include in expanded SEC investigations.

Person

Jirayut Srupsrisopa(จิรายุส ทรัพย์ศรีโสภา)ℹ️

Major shareholder and Group CEO of Bitkub who was not named in the SEC's criminal charges.

Sakolkorn Srakawi(สกลกรย์ สระกวี)

A former director of Bitkub Online Co., Ltd. charged by the SEC.

Taweesap Rawarn(ทวีทรัพย์ ราวรรณ์)

A former director of Bitkub Online Co., Ltd. charged by the SEC.

Law

Emergency Decree on Digital Asset Businesses 2018(พระราชกำหนดการประกอบธุรกิจสินทรัพย์ดิจิทัล พ.ศ. 2561)

The law under which victims can file complaints regarding false statements or concealment of facts.

Civil and Commercial Code(ประมวลกฎหมายแพ่งและพาณิชย์)

The legal code used for filing class action lawsuits based on tort under Section 420.