Bitget Moves to Buy Thai Exchange Operator After $388M Security Breach

Bitget is planning to acquire GMO-Z.com Cryptonomics, a Thai company, as part of a push to grow across Southeast Asia. The deal runs through BTGT Management (Thailand), where Bitget says it holds an interest, though it would not reveal the size of that stake or any financial and ownership terms. CEO Gracy Chen called Thailand an important part of the region’s digital asset scene and said the purchase lets the exchange set up local operations there.

Deal Timing and Licensing Status

GMO Internet first disclosed the proposed sale in a Sept. 24 filing and aimed to close it by Oct. 31. The target operates Z.com EX, which went live in February 2021 and appears on the Thai Securities and Exchange Commission’s list of licensed digital asset exchange operators. The transaction still needs regulatory approval and other conditions to be met.

Thailand Currently Off Limits

Bitget’s terms of use, updated Oct. 16, name Thailand as a prohibited jurisdiction, alongside Russia, Belarus and Kazakhstan. Buying a locally licensed operator could give the company a legal route to serve Thai customers.

The Sept. 24 Wallet Attack

The announcement follows an attack on the same date on Bitget’s hot and warm wallet systems that affected about $388 million. Hackers exploited a flaw in a third-party security product and sent fraudulent withdrawal commands. Bitget said customer balances were not affected and that withdrawals were fully restored in phases by Oct. 2. On Oct. 17 it also said it would stop services for certain users, calling it a one-off exercise.