Bitget Plans to Buy Thailand's GMO-Z.com Cryptonomics Weeks After a $388M Hack: What Bitget Users Should Check

What Bitget announced

Bitget says it intends to buy GMO-Z.com Cryptonomics, which runs Z.com EX, a Thai exchange launched in February 2021 and listed by Thailand's Securities and Exchange Commission among licensed digital asset exchange operators. Cointelegraph reports that the transaction is structured through BTGT Management (Thailand). GMO Internet disclosed the proposed sale to that company in a September 24 filing, with a target completion date of October 31. Completion is subject to regulatory approval and other conditions.

Bitget CEO Gracy Chen is quoted saying Thailand is an important part of Southeast Asia's digital asset landscape and that the acquisition gives Bitget a chance to establish local operations. Bitget declined to say how large its interest in BTGT Management is or what the financial and ownership terms are, so the price and the stake are unknown.

Why the timing draws attention

The deal follows the September 24 attack on Bitget's hot and warm wallet infrastructure. In its account, Bitget said approximately $388 million was affected. Cointelegraph's figure is about $388 million; Infosecurity Magazine reports that Bitget first estimated about $351.6 million and revised it to about $387.5 million after identifying additional Zcash and TRON transfers, and says the revision did not reflect new thefts after the incident was contained.

The cause, as Bitget described it, was a vulnerability in a third-party security product that gave the attacker high-level internal credentials, which were used to issue fraudulent withdrawal commands that bypassed risk controls. Infosecurity adds that private-key compromise was ruled out in the investigation so far. Cold wallets were not touched. Bitget said the loss falls within its Protection Fund, which its first notice valued at more than $464 million.

Bitget's own incident page lists the final verified figure as $388 million across 12 wallet addresses, says no private keys were compromised, and reports that independent investigation reports from Mandiant and SlowMist were released. It also says the Protection Fund was replenished to over $300 million as promised and showed $314 million or more, holding 3,705 BTC, as of its October 13 update.

Withdrawals came back in stages, all at 08:00 UTC: Bitcoin on September 28, Ether on September 29, USDT on September 30, and the rest, including fiat and P2P, on October 2. Cointelegraph confirms Bitget completed the phased restoration on October 2.

Why a licensed local operator matters

Buying a company that already holds a Thai license is a different route from applying for one from scratch. The Thai regulator already supervises Z.com EX, so a change of ownership still has to be cleared, which is why Cointelegraph notes that completion depends on regulatory approval. For users, the practical question is not the headline but the sequence: the approval, the date Bitget starts offering its platform to Thai customers, and whether existing Z.com EX customers are migrated or kept on the current service. None of those details have been published yet, so treat any claim about a launch date in Thailand as unconfirmed until Bitget or the regulator says it.

Two other changes users should know about

Two details in Cointelegraph's report are easy to miss. First, on October 17 Bitget announced plans to discontinue services for certain users, calling the move a "one-off exercise". The report does not say which users or how many. Second, Bitget's terms of use, updated October 16, list Russia, Belarus and Kazakhstan among prohibited jurisdictions. Thailand is also listed as prohibited. The proposed acquisition could give Bitget a route to serve Thailand through a locally licensed operator, but until it closes and is approved, Thai residents are not covered.

What this means for you

A hack followed by an expansion announcement is a good moment to run the checks you should run on any exchange: use two-factor authentication with an app or hardware key, enable the withdrawal address whitelist, and do not keep more on any exchange than you plan to trade. Whether the deal closes on October 31 is not something anyone can promise, because it depends on regulators.

If you are eligible and decide to use Bitget, you can compare its fees and features on the Bitget profile and sign up with code NEXU888. To compare it with other venues, see the live rates page.

Quick answers

What is Bitget buying? GMO-Z.com Cryptonomics, operator of Thailand's Z.com EX exchange, through BTGT Management (Thailand), per Cointelegraph.

When does it close? GMO Internet's filing targets October 31, subject to regulatory approval and other conditions.

How much is the deal worth? Unknown. Bitget declined to comment on its interest in BTGT Management and the financial and ownership terms.

Did the hack affect customer balances? Bitget says customer account balances were unaffected and that the loss falls within its Protection Fund.

Are withdrawals working? Bitget completed the phased restoration of withdrawals on October 2, according to Cointelegraph.

Can people in Thailand use Bitget now? No. Bitget's terms of use, updated October 16, list Thailand as a prohibited jurisdiction.