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ZEC $1,137 Bitget plans Thai crypto exchange acquisition weeks after $388M hack
Bitget aims to buy GMO-Z.com Cryptonomics through BTGT Management, pending regulatory approval, weeks after a $388 million wallet breach.
Key takeaways
- Deal is not final. The purchase still needs regulatory approvals and other conditions under the sale agreement.
- Hack figure was $388M. Bitget said approximately $388 million was affected in the Sept. 24 wallet attack.
- Thailand is restricted. Bitget's terms of use, updated Oct. 16, list Thailand as a prohibited jurisdiction.
What happened
Bitget has announced plans to acquire GMO-Z.com Cryptonomics, a Thai crypto exchange operator. The company says the deal would let it bring its trading platform to Thai users.
The purchase would run through BTGT Management (Thailand) Ltd., a Bitget subsidiary. GMO Internet and its subsidiary GMO-Z.com Holdings (Thailand) would transfer all of their shares to BTGT Management or an entity it designates.
GMO Internet disclosed the proposed sale in a Sept. 24 filing and targets completion on Oct. 31. The transaction remains subject to regulatory approvals and other conditions.
GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021. Thailand's Securities and Exchange Commission lists the company among licensed digital asset exchange operators.
Why it matters
The deal comes weeks after a Sept. 24 attack on Bitget's hot and warm wallets. Bitget said approximately $388 million was affected after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands.
Bitget said customer account balances were unaffected and that it completed the phased restoration of withdrawals on Oct. 2.
A licensed local operator would give Bitget a route into Thailand. Bitget's terms of use, updated Oct. 16, list Thailand as a prohibited jurisdiction, so the acquisition could provide a way to serve the market locally.
Bitget CEO Gracy Chen said Thailand is an important part of Southeast Asia's digital asset landscape and that the acquisition gives the company a chance to establish local operations.
What is still unclear
- Bitget declined to comment on how much interest it holds in BTGT Management and on the financial and ownership terms of the proposed acquisition.
- The deal's completion depends on regulatory approval and other conditions, and no approval has been reported.
Questions readers ask
What exchange is Bitget planning to acquire in Thailand?
Bitget plans to acquire GMO-Z.com Cryptonomics, which operates Z.com EX. The company is listed among Thailand's licensed digital asset exchange operators.
How much was affected in the Bitget hack?
Bitget said approximately $388 million was affected after attackers exploited a vulnerability in a third-party security product. The company said customer account balances were unaffected.
When could the Bitget Thailand deal close?
GMO Internet's Sept. 24 filing targets completion on Oct. 31. The transaction still needs regulatory approvals and other conditions.
Does Bitget serve users in Thailand?
Bitget's terms of use, updated Oct. 16, list Thailand as a prohibited jurisdiction. The proposed acquisition could give Bitget a route to serve the market through a locally licensed operator.
