Bitcoin Depot has revealed that hackers stole approximately $3.7 million from wallets controlled by the company after gaining access to internal data tied to its crypto settlement accounts.
The Nasdaq-listed crypto ATM operator said in an SEC filing on Wednesday that it received unauthorized access to parts of its IT systems on March 23. The company said an attacker gained control of the information connected to its digital asset payment accounts and transferred approximately 50.9 bitcoins, with an estimated value of $3.66 million at the time.
Bitcoin Depot said the breach was limited to its business environment and did not affect customer platforms, systems or data.
“Upon discovery, the Company immediately implemented its incident response protocols, contacted external cybersecurity experts, and notified law enforcement,” the company said in the filing.
The company said it has recorded a preliminary loss estimate of $3.665 million, although that figure could change as the investigation continues. Bitcoin Depot added that it carries insurance that may cover part of the loss, but said there is no guarantee that it will recover all of the stolen funds.
Bitcoin Depot ATMS
Bitcoin Depot operates more than 9,000 bitcoin ATMs in all 47 US states, making it the largest crypto ATM operator in the country. The company said it does not expect the incident to impact operations, but warned that it may still face reputational, legal, regulatory and incident response costs.
The hack adds to the growing list of crypto-related security incidents this year, as the industry continues to face theft targeting exchanges, platforms and storage services.
The disclosure also comes at a difficult time for Bitcoin Depot’s business.
Last month, Connecticut regulators suspended the company’s money transfer license, saying it charged more than 15% of the state’s fees for more than 1,000 items. State officials say that resulted in more than $150,000 in payments from more than 500 customers.
Bitcoin Depot also announced a leadership change last month, appointing Alex Holmes as chairman and CEO. Holmes previously led MoneyGram International and oversaw its sale to Madison Dearborn Partners.
Financially, Bitcoin Depot remains under pressure. The company reported total revenue of $4.7 million in 2025, down from $7.8 million in 2024. It also said it expects corporate revenue to drop between 30% and 40% by 2026, citing stricter national regulations and stricter compliance standards.
The company said its fraud prevention efforts have helped protect customers, but those same measures are expected to reduce transaction volume and revenue.
The lowest price of Bitcoin Depot shares in 2019 is 2.58 US dollars.
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