Bitget Seeks Acquisition of Thailand’s GMO-Z.com Cryptonomics Weeks After $38.8 Million Hack
Summary
- Bitget said it is seeking to acquire Thai exchange GMO-Z.com Cryptonomics weeks after a hack, as it expands in Southeast Asia.
- The acquiring entity is BTGT Management (Thailand), in which Bitget said it holds a stake, and the target date for completing the deal is Oct. 31.
- Bitget said customer account balances were not affected despite hack-related losses of about $38.8 million, and that it completed the restoration of withdrawal services on Oct. 2.
Forecast Trend Report by Period
Crypto exchange Bitget is seeking to acquire a Thai exchange weeks after suffering a major hack, as it moves to expand in Southeast Asia.
Cointelegraph reported on Oct. 20 that Bitget plans to acquire Thailand-based GMO-Z.com Cryptonomics. The acquiring entity is BTGT Management (Thailand), in which Bitget said it holds a stake.
Chief Executive Officer Gracy Chen said Thailand occupies an important position in Southeast Asia’s digital-asset market and that the acquisition would provide a good opportunity to build a local operating base in a growing market.
GMO Internet disclosed on Sept. 24 that it planned to sell the business to BTGT Management, with the deal targeted to close by Oct. 31. In its latest announcement, Bitget confirmed its involvement in the transaction. It did not disclose details including the size of its stake in BTGT Management or the acquisition price.
GMO-Z.com Cryptonomics, the acquisition target, operates Z.com EX, an exchange launched in February 2021. The company holds a digital-asset exchange license from Thailand’s Securities and Exchange Commission. Completion of the transaction is subject to conditions including regulatory approval.
The acquisition announcement came about a month after Bitget was hit by a hack. The company said on Sept. 24 that an attack on its hot-wallet and warm-wallet infrastructure caused losses of about $38.8 million. The attacker is known to have exploited vulnerabilities in a third-party security product to execute false withdrawal orders. Bitget has said customer account balances were not affected and that it completed a phased restoration of withdrawal services on Oct. 2.
