Bitcoin Depot disclosed that hackers stole about $3.7 million in bitcoin from company-controlled wallets after having access to inside 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 elements of its IT programs 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 surroundings and didn’t have an effect on buyer platforms, programs or knowledge.
“Upon detection, the Firm promptly activated its incident response protocols, engaged exterior cybersecurity consultants, and notified regulation enforcement,” the corporate mentioned within the submitting.
The corporate mentioned it has recorded a preliminary loss estimate of $3.665 million, although that determine might change because the investigation continues. Bitcoin Depot added that it carries insurance coverage that will cowl a part of the loss, however mentioned there is no such thing as a assure it is going to get better all stolen funds.
Bitcoin Depot ATMS
Bitcoin Depot operates greater than 9,000 bitcoin ATMs throughout 47 U.S. states, making it the biggest crypto ATM operator within the nation. The corporate mentioned it doesn’t anticipate the incident to have a fabric influence on operations, however warned it might nonetheless face prices tied to fame, authorized issues, regulation and incident response.
The hack provides to a rising listing of crypto-related safety incidents this yr, because the trade continues to grapple with thefts focusing on exchanges, platforms and custodial companies.
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 clients.
Bitcoin Depot additionally introduced a management change final month, appointing Alex Holmes as chairman and CEO. Holmes beforehand led MoneyGram Worldwide and oversaw its sale to Madison Dearborn Companions.
Financially, Bitcoin Depot stays beneath stress. The corporate reported internet 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 clients, however those self same measures are anticipated to cut back transaction quantity and income.
Bitcoin Depot shares are buying and selling at $2.58 in the present day.
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