Bitcoin Depot says hackers drained about 50.9 Bitcoin from its corporate wallets in a March cyberattack, a loss it values at roughly $3.7 million at the time. The U.S. Bitcoin ATM operator says the breach hit only company wallets and internal systems, not its ATM machines or customer apps.
How the Bitcoin Depot Hack Unfolded
The company disclosed that on March 23, hackers accessed Bitcoin Depot’s IT systems without authorization. Through a series of transactions, they transferred about 50.903 BTC out of company-controlled wallets using credentials linked to corporate digital asset settlement accounts. The loss was estimated at between $3.6 and $3.7 million based on Bitcoin’s price on the day of the crime.
Bitcoin Depot triggered its incident response plan as soon as the suspicious activity was discovered. To assist in the investigation of the incident, the company contacted local police and hired outside cybersecurity experts. It also started a forensic investigation to determine how attackers compromised the credentials and whether they affected any other systems.
What Bitcoin Depot Told Customers and Investors
In its filing and follow‑up statements, Bitcoin Depot said it has found no evidence so far that attackers accessed or stole customer personal data. The stolen funds sat in company settlement wallets, not in wallets holding user balances or funds loaded at ATMs. Even so, the firm has warned that its assessment may change if new facts surface as the investigation continues.
The company classified the attack as a “material” cybersecurity incident because of the size of the loss and the potential fallout. It booked an expense equal to the fair value of the stolen Bitcoin as of March 23. Management also disclosed that Bitcoin Depot carries cyber insurance and expects to recover some portion of the loss, although insurance may not make the company whole.
The hack follows a separate security incident that previously exposed data tied to tens of thousands of Bitcoin Depot customers. That earlier breach focused on privacy, with customer information at risk rather than company funds. This time, attackers went directly after corporate balances, showing that both data and treasury are targets around crypto infrastructure.
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