Bitget Eyes Thai Crypto Market With GMO-Z.com Acquisition Despite $388M Hack Fallout

Crypto exchange Bitget has announced plans to acquire Thailand-based GMO-Z.com Cryptonomics, the operator of the Z.com EX trading platform, in a bid to expand its Southeast Asian footprint just weeks after suffering a $388 million security breach. The proposed transaction involves BTGT Management (Thailand), a company in which Bitget holds an undisclosed interest, according to an announcement shared with media outlets. Acquisition terms and the exact ownership stake remain confidential, with Bitget declining to disclose financial details.

"Thailand is an important part of Southeast Asia's digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country," Bitget CEO Gracy Chen said. Japan's GMO Internet disclosed the proposed sale in a Sept. 24 regulatory filing, with a targeted closing date of Oct. 31. Z.com EX, which launched in February 2021, is among the operators licensed by Thailand's Securities and Exchange Commission, providing Bitget a regulatory pathway into the Thai market.

The expansion comes against the backdrop of Bitget's Sept. 24 hot and warm wallet breach, in which attackers exploited a vulnerability in a third-party security product to issue fraudulent withdrawal commands, draining approximately $388 million. Bitget stated that customer account balances were unaffected and completed a phased restoration of withdrawals by Oct. 2. The exchange has since updated its terms of service and announced plans to discontinue services for certain users in what it described as a "one-off exercise" on Oct. 17.

Notably, Thailand is listed as a prohibited jurisdiction in Bitget's updated terms of use alongside Russia, Belarus, and Kazakhstan. The GMO-Z.com Cryptonomics acquisition would offer Bitget a route to serve Thai customers through a locally licensed entity, circumventing its own geographic restrictions. The deal remains contingent on regulatory approval and other closing conditions.