Bitcoin ATM operator Bitcoin Depot disclosed that hackers stole 50.9 BTC worth $3.665 million from company wallets in a March 23 security breach. The attackers gained access to IT systems and obtained credentials for digital asset settlement accounts. The company stated its customer platforms and data were not affected and has engaged cybersecurity experts and law enforcement.
Bitcoin Depot Inc. disclosed in an SEC filing that hackers stole approximately 50.9 BTC valued at $3.665 million from company-controlled wallets. The March 23 breach involved attackers gaining access to IT systems and obtaining digital asset settlement account credentials.
The company activated incident response protocols and engaged external cybersecurity experts following the discovery. It also notified law enforcement authorities about the intrusion.
Bitcoin Depot stated that its customer-facing platforms and user data remained unaffected by the security breach. The company has yet to make a public statement beyond the regulatory filing.
The incident was classified as material due to potential reputational damage and associated costs. Bitcoin Depot recorded a preliminary loss estimate of $3.665 million based on Bitcoin’s value at the time.
The disclosure did not specify whether the company has insurance for such thefts or how the loss impacts ATM liquidity. Bitcoin ATM operators face unique security challenges as they maintain significant cryptocurrency reserves.
This marks at least the second known security incident at Bitcoin Depot, following a 2023 breach involving user data. The company has also faced mounting regulatory scrutiny, implementing stricter identity verification requirements for transactions.
Shares in Bitcoin Depot spiked 15% during the trading day but ticked down after the disclosure. The company’s shares are down 44% over the last 30 days.
