Bitcoin Depot disclosed that hackers stole about $3.7 million in bitcoin from company-controlled wallets after having access to inner credentials tied to its crypto settlement accounts.
The Nasdaq-listed crypto ATM operator mentioned in an SEC submitting on Wednesday that it detected unauthorized entry to components of its IT techniques on March 23. The corporate mentioned the attacker gained management of credentials linked to its digital asset settlement accounts and transferred out about 50.9 bitcoin, valued at roughly $3.66 million on the time of the theft.
Bitcoin Depot mentioned the breach was restricted to its company atmosphere and didn’t have an effect on buyer platforms, techniques or information.
“Upon detection, the Company promptly activated its incident response protocols, engaged external cybersecurity experts, and notified law enforcement,” the corporate mentioned within the submitting.
The corporate mentioned it has recorded a preliminary loss estimate of $3.665 million, although that determine may change because the investigation continues. Bitcoin Depot added that it carries insurance coverage that will cowl a part of the loss, however mentioned there isn’t any assure it can recuperate all stolen funds.
Bitcoin Depot ATMS
Bitcoin Depot operates greater than 9,000 bitcoin ATMs throughout 47 U.S. states, making it the most important crypto ATM operator within the nation. The corporate mentioned it doesn’t count on the incident to have a cloth impression on operations, however warned it may nonetheless face prices tied to popularity, authorized issues, regulation and incident response.
The hack provides to a rising checklist of crypto-related safety incidents this 12 months, because the business continues to grapple with thefts focusing on exchanges, platforms and custodial providers.
The disclosure additionally comes throughout a troublesome stretch for Bitcoin Depot’s enterprise.
Final month, Connecticut regulators suspended the corporate’s cash transmission license, alleging it charged charges above the state’s 15% cap on greater than 1,000 transactions. State officers mentioned that led to about $150,000 in extra charges paid by greater than 500 prospects.
Bitcoin Depot additionally introduced a management change final month, appointing Alex Holmes as chairman and CEO. Holmes beforehand led MoneyGram International and oversaw its sale to Madison Dearborn Companions.
Financially, Bitcoin Depot stays underneath stress. The corporate reported web earnings of $4.7 million in 2025, down from $7.8 million in 2024. It additionally mentioned it expects core enterprise income to fall between 30% and 40% in 2026, citing tighter state rules and stronger compliance requirements.
The corporate mentioned its fraud prevention efforts have helped shield prospects, however those self same measures are anticipated to cut back transaction quantity and income.
Bitcoin Depot shares are buying and selling at $2.58 immediately.
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