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Bitget Eyes Thai Crypto Exchange Takeover Weeks After $388M Hack
The deal would let Bitget serve Thai users through a locally licensed operator after a hack that affected about $388 million, the company said.
- Bitget announced plans to acquire Thai exchange GMO-Z.com Cryptonomics through buyer BTGT Management , seeking to expand its Southeast Asia footprint. The deal requires regulatory approval before Bitget can launch services for Thai users.
- GMO Internet decided to withdraw from its Thai digital asset business after reviewing its portfolio, as the operator reported operating losses for three consecutive years. Annual revenue declined to 11.02 million baht last year.
- This expansion follows a September 24 cyberattack on Bitget's hot and warm wallet infrastructure, where attackers issued fraudulent withdrawal commands. The exchange subsequently estimated that approximately $387.5 million in assets were transferred to attacker-controlled addresses.
- Thailand requires authorization from the country's Securities and Exchange Commission for digital asset exchanges. Bitget's terms currently restrict Thai users, and this policy will persist until the company obtains approval for the change of control.
- BTGT Management, established on September 22, will handle the transaction, though Bitget has not disclosed its ownership stake or the share transfer price. The parties target October 31 for completion, pending regulatory approval and other conditions.
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Key points of the news: Bitget announced an agreement to acquire GMO-Z.com Cryptonomics through BTGT Management, a company in which it has a stake. The transaction would allow the exchange to enter the market of Thailand by means of a platform that already has regulatory authorization. The acquisition was announced weeks after a computer attack that affected the ... Read more
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Total News Sources14
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