Bitcoin Depot reports $3.7M in Bitcoin stolen after corporate hack
Bitcoin ATM operator Bitcoin Depot disclosed in an SEC filing Wednesday that hackers siphoned roughly 50.9 BTC — about $3.665 million based on the bitcoin price at the time — in a March 23 breach that targeted company-controlled wallets.
According to the filing, attackers gained access to the company’s IT systems and stole credentials for digital-asset settlement accounts, allowing unauthorized transfers of cryptocurrency. Bitcoin Depot says it activated its incident-response playbook immediately, brought in outside cybersecurity specialists to investigate the intrusion and secure remaining assets, and notified law enforcement. The company did not identify which agencies are involved.
Bitcoin Depot’s filing stresses that the compromise affected settlement accounts rather than customer-facing systems: user platforms and customer data were not impacted, the company said. Aside from the SEC disclosure, the firm had not issued a broader public statement at the time of reporting; Decrypt’s request for comment was not immediately returned.
The company labeled the event “material,” flagging potential reputational harm and additional legal, regulatory and response-related costs. It provided a preliminary loss estimate of $3.665 million but did not say whether it carries insurance for crypto thefts or how the loss might affect liquidity across its ATM network.
Crypto ATM operators are increasingly attractive targets for cybercriminals because they must hold sizable crypto reserves to settle customer transactions. That exposure — the bridge between physical cash infrastructure and digital custody systems — creates unique security risks. This incident is at least the second reported breach for Bitcoin Depot: in 2023 hackers accessed personal data for about 58,000 users.
Regulatory pressure on the sector has been intensifying; Bitcoin Depot recently rolled out stricter identity-verification rules at its machines amid heightened oversight of bitcoin ATMs. On the market front, the company’s shares (BTM) jumped about 15% during the trading day to close at $2.74, then softened after hours following the SEC filing. The stock is down roughly 44% over the past 30 days.
Investigations are ongoing. Bitcoin Depot is still assessing the full operational and financial impacts of the theft.
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