Bitget got hacked for $388M. Here's what happened!!

Coin Bureau • 10 days ago

Original source

What This Video Is About

The video discusses Bitcut's recent acquisition of a licensed Thai exchange, GMO-Z.com, and its implications for the company's expansion into Thailand.

Major Ideas Discussed

  • Bitcut was hacked on September 24th, resulting in a $388 million loss due to a vulnerability in a third-party security product, but customer balances were unaffected.
  • Despite updating its terms of use to prohibit Thailand on its global site, Bitcut has acquired GMO-Z.com through BTGT Management, gaining a direct and fully legal entry into the Thai market.
  • The acquisition allows Bitcut to access Thai traders, expanding its presence in the region.

What to Watch Next

The video suggests monitoring updates on the cryptocurrency market, particularly Bitcut's activities in Thailand, for further developments.