Bitget plans Thai crypto exchange acquisition weeks after $388M hack

What happened

The proposed acquisition (one company buying another) would give Bitget a route into Thailand’s crypto market through a locally licensed operator.

Crypto exchange Bitget has announced plans to acquire Thailand’s GMO-Z.com Cryptonomics, seeking to expand its Southeast Asia footprint weeks after a major hack impacting its hot and warm wallets. The proposed transaction involves BTGT Management (Thailand), a company in which Bitget says it holds an interest, according to an announcement shared with Cointelegraph.

GMO Internet disclosed the proposed sale to BTGT Management in a Sept. Bitget’s announcement identifies its involvement in the transaction.

The company declined to comment on how much interest in BTGT Management the company holds and the financial and ownership terms of the proposed acquisition. GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021.

Thai expansion comes weeks after hack The proposed deal follows a Sept. In its account of the breach , Bitget said approximately $388 million was affected after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands.

Thailand’s Securities and Exchange Commission lists the company among its licensed digital asset exchange operators. Related: Thailand crypto ETFs (a fund traded on a stock exchange like a share) may see slow start despite new rules: CoinShares Completion remains subject to regulatory approval and other conditions.