@Bitget has announced plans to acquire the operator of a licensed Thai digital asset exchange, GMO-Z.com Cryptonomics (Thailand), through BTGT Management, with completion targeted for October
@Bitget has announced plans to acquire the operator of a licensed Thai digital asset exchange, GMO-Z.com Cryptonomics (Thailand), through BTGT Management, with completion targeted for October 31. The move comes less than a month after the exchange lost about $388M in a security attack.
Bitget is not buying the Thai business directly. The acquisition runs through Bitget's investment in BTGT Management (Thailand) Ltd., which is the entity set to receive the shares. The seller is GMO Internet Group, the Japanese parent of the Thai unit. GMO Internet disclosed the proposed sale to BTGT Management in a Sept. 24 filing, targeting completion for Oct. 31.
The target gives Bitget an existing regulated presence. GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021, and Thailand's Securities and Exchange Commission lists the company among its licensed digital asset exchange operators. The acquisition will allow Bitget to introduce its trading platform to Thai users.
The deal is not final. Completion remains subject to regulatory approval and other conditions. The company declined to comment on how much interest in BTGT Management it holds and on the financial and ownership terms of the proposed acquisition.
Bitget CEO Gracy Chen framed the deal as a local-market move. She said Thailand is an important part of Southeast Asia's digital asset landscape and that the acquisition gives the exchange a chance to establish local operations.
The announcement follows a security incident earlier in the autumn. Bitget's official record says the incident occurred on September 24, 2026, affecting approximately $388M in assets, with cold wallets remaining secure and withdrawals resuming in phases since September 28. The exchange says the financial impact is covered by the Bitget Protection Fund and will not be passed on to user account balances.
On the cause, Chen said the exploit stemmed from a vulnerability in a third-party security product that allowed the attacker to obtain high-level internal credentials, which were then used to issue fraudulent withdrawal commands. She said Bitget's private keys were not compromised and its cold wallets were not affected.
The loss figure also rose as the review progressed. The exchange initially estimated the affected assets at $351.6 million, then raised the figure to approximately $387.5 million after additional blockchain tracing.
For Bitget, a licensed Thai entity offers a faster route into a regulated market than building one from scratch. Whether Thai regulators approve the change of control by the October 31 target will determine if the timeline holds.
Cointelegraph: Bitget plans Thai crypto exchange acquisition weeks after $388M hackCrypto Briefing: Bitget plans to acquire Thai crypto exchange GMO-Z.comCointelegraph: Bitget CEO says $388M hack exploited third-party security vulnerability
