Bitget Moves to Acquire Thailand's GMO-Z.com Cryptonomics Following $388M Exploit

Cryptocurrency exchange Bitget announced plans to acquire Thai digital asset exchange operator GMO-Z.com Cryptonomics as part of an expansion into Southeast Asia, according to a company announcement ¹. The transaction involves BTGT Management (Thailand), an entity in which Bitget holds an interest ¹. Parent company GMO Internet initially disclosed the proposed sale to BTGT Management in a Sept. 24 filing, with both parties targeting completion by Oct. 31 ¹.

Bitget declined to disclose the size of its stake in BTGT Management, as well as the exact financial or ownership terms of the deal ¹. GMO-Z.com Cryptonomics operates Z.com EX, a trading venue that launched in February 2021 and is listed by Thailand’s Securities and Exchange Commission as a licensed digital asset exchange operator ¹. Bitget Chief Executive Officer Gracy Chen stated that the acquisition provides an avenue to establish local operations in the country ¹. Final closing remains subject to regulatory approvals and standard closing conditions ¹.

Expansion Follows Wallet Breach and Jurisdictional Offboarding

The planned acquisition follows a security incident on Sept. 24, when attackers compromised Bitget’s hot and warm wallet infrastructure, impacting approximately $388 million ¹. The breach occurred after attackers exploited a vulnerability in a third-party security product to issue unauthorized withdrawal commands ¹. The exchange reported that customer account balances remained unaffected and noted that it finished a phased restoration of withdrawals on Oct. 2, following earlier operational disruptions documented after Bitget paused withdrawals ¹.

Concurrently, Bitget has been reshaping its regulatory footprint. Bitget updated its terms of use on Oct. 16, designating Russia, Belarus, Kazakhstan, and Thailand among its prohibited jurisdictions ¹. The exchange subsequently announced on Oct. 17 that it would discontinue services for certain user segments in what it described as a "one-off exercise" ¹. Securing GMO-Z.com Cryptonomics offers Bitget a pathway to access Thai market participants through an onshore, regulated entity rather than through its global platform ¹.