Bitget has announced its intention to acquire the Thai cryptocurrency exchange GMO-Z.com Cryptonomics. The deal is intended to facilitate the company's expansion into the Southeast Asian market by leveraging a locally licensed operator.
The transaction involves BTGT Management (Thailand), a firm in which Bitget maintains an interest. GMO Internet disclosed the proposed sale in a filing on September 24, with the parties targeting a completion date of October 31.
The acquisition follows a security breach on September 24 that affected Bitget’s hot and warm wallets. The company reported that approximately $388 million was impacted due to a vulnerability in a third-party security product.
Bitget stated that customer account balances remained unaffected by the incident, and withdrawal services were fully restored by October 2. The company declined to disclose the financial terms or the specific ownership structure of the proposed deal.
