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- Bitcoin Depot revealed that hackers stole 50.9 BTC worth $3.665 million from the company’s wallets in a hack that occurred on March 23.
- The attackers gained access to IT systems and obtained digital asset settlement account credentials.
- Customer platforms and data were not affected, according to the company.
Bitcoin ATM operator Bitcoin Depot Inc. has been revealed SEC filing On Wednesday, hackers stole approximately 50.9 bitcoins worth $3.665 million from wallets controlled by the company in a security breach on March 23.
The attackers gained access to the company’s IT systems and obtained credentials for digital asset settlement accounts, enabling them to transfer cryptocurrency without authorization.
After discovering the breach, Bitcoin Depot said it activated its incident response protocols and hired outside cybersecurity experts to investigate the attack vector and secure remaining assets. The company also notified law enforcement, although it did not identify the agencies involved in the investigation.
Despite the settlement account being settled and assets lost, Bitcoin Depot stated that its customer-facing platforms and user data were not affected by the hack.
Bitcoin Depot has yet to issue a public statement about the hack, as of this writing, other than an SEC filing. Decryption The company reached out to a company spokesperson for comment, but did not immediately receive a response.
The company classified the incident as material to its operations, citing potential reputational damage along with legal, regulatory and incident response costs. Bitcoin Depot recorded an initial loss estimate of $3.665 million based on the value of Bitcoin at the time of the theft.
The disclosure did not specify whether the company maintains insurance coverage against digital asset thefts or how the loss could impact Bitcoin ATM liquidity operations across its hardware network.
Bitcoin ATM operators have emerged as attractive targets for cybercriminals due to the large cryptocurrency reserves they must maintain to facilitate customer transactions. These companies face unique security challenges because they connect physical infrastructure for converting cash into cryptocurrency with digital custody systems.
This marks at least the second known security incident at Bitcoin Depot, following Breach 2023 The hackers were able to access the personal data of 58,000 users. The company has also faced, and recently implemented, increased regulatory scrutiny Stricter identity verification requirements For all ATM transactions as authorities work to increase oversight of Bitcoin ATM operations.
Stocks in Bitcoin Depot (BTM) It rose by 15% during the trading day It ended at $2.74, but fell hours after the SEC disclosure. The company’s shares have fallen 44% over the past 30 days.
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