Bitget eyes Thai crypto exchange takeover weeks after $388M hack

Bitget has announced plans to acquire a licensed cryptocurrency exchange in Thailand, seeking to establish local operations less than a month after a security breach affected approximately $388 million in assets. Summary Bitget plans to acquire GMO-Z.com Cryptonomics, a licensed Thai cryptocurrency exchange operator, through BTGT Management. GMO Internet has scheduled the proposed share transfer for October 31, subject to regulatory approval and other conditions. GMO Internet and its Thai subsidiary plan to sell their combined 99.94% stake in the exchange operator. GMO-Z.com Cryptonomics reported a 74.16 million baht operating loss in 2025, according to the seller’s financial disclosure. The proposed acquisition follows a September 24 cyberattack that Bitget says affected approximately $388 million in assets. In an October 20 press release, Bitget identified GMO-Z.com Cryptonomics (Thailand) as its acquisition target and BTGT Management (Thailand), a company in which it holds an interest, as the buyer. The proposed transaction requires regulatory approval and other conditions before it can close. The exchange plans to introduce its trading platform to Thai users once the transactio...