Bitcoin Depot, a prominent Bitcoin ATM operator, has revealed that hackers stole approximately 50.9 BTC, valued at $3.665 million, from company-controlled wallets. The security breach occurred on March 23.
Attackers gained unauthorized access to the company's IT systems, subsequently obtaining credentials for digital asset settlement accounts. This allowed them to transfer the cryptocurrency without authorization.
Following the discovery, Bitcoin Depot initiated incident response protocols and enlisted external cybersecurity experts to investigate the breach and secure remaining assets. Law enforcement authorities have also been notified.
Crucially, the company stated that customer-facing platforms and user data were not compromised in the intrusion. Bitcoin Depot classified the incident as material, citing potential reputational damage, legal, and regulatory costs. The preliminary loss estimate is based on Bitcoin's value at the time of the theft.
Bitcoin ATM operators are frequent targets for cybercriminals due to the substantial cryptocurrency reserves they hold. This incident marks at least the second known security breach for Bitcoin Depot, following a 2023 event that exposed personal data for thousands of users.
Shares of Bitcoin Depot (BTM) experienced a notable drop following the SEC disclosure, continuing a downward trend over the past month.