Bitcoin Depot Says Hack Stole About $3.66 Million in Bitcoin

Bitcoin ATM operator Bitcoin Depot said hackers stole about $3.66 million in Bitcoin from the company.

Decrypt reported on July 8 that Bitcoin Depot disclosed in a filing with the U.S. Securities and Exchange Commission that about 50.9 Bitcoin was siphoned off in a security incident on March 23.

The attacker breached the company's IT systems and gained access to a digital-asset settlement account, enabling the unauthorized transfer of Bitcoin.

Bitcoin Depot said it activated its incident-response protocols as soon as it detected the breach. The company also hired outside security experts to investigate the cause and prevent further losses. It notified law enforcement as well.

The company's customer-facing platform and user data were not affected by the attack, it said.

Bitcoin Depot classified the incident as material to its business and recorded a loss of about $3.665 million. It also said the breach could lead to additional effects, including legal costs and reputational risk.

Bitcoin ATM operators are frequent hacking targets because their business model requires them to hold a certain amount of digital assets to process transactions.

Bitcoin Depot also suffered a data breach in 2023 that exposed the personal information of about 58,000 users. More recently, it has strengthened identity-verification procedures for ATM transactions as regulations have tightened.