The largest cryptocurrency ATM operator, Bitcoin Depot, has disclosed a theft of $3.7 million from its corporate wallets. This was revealed in a document filed with the SEC on April 8.
On March 23, an intruder gained unauthorized access to the company’s IT systems and took control of its cryptocurrency accounts. The perpetrator subsequently withdrew 50.9 BTC (approximately $3.66 million).
“Upon discovering the breach, the firm promptly initiated response protocols, engaged external cybersecurity experts, and notified law enforcement,” the statement said.
Bitcoin Depot assured that the attack did not affect clients or their personal information. The investigation, involving external specialists, is ongoing. Insurance may cover part of the loss, but “there is no guarantee that it will be sufficient to cover all losses,” company representatives emphasized.
Regulatory Challenges
The breach occurred amid increased regulatory pressure and operational difficulties.
In March, Connecticut authorities suspended Bitcoin Depot’s money transmission license. The regulatory body found that the operator exceeded the state’s 15% fee cap on 1,015 transactions, resulting in 510 customers overpaying approximately $150,426.
Bitcoin ATM shutdowns are also ongoing in the U.S. Mass closures began in March 2025 after Illinois State Senator Dick Durbin proposed a bill to combat ATM fraud.
Since the start of 2026, 666 such devices have ceased operations in the country.
Financial Performance
Bitcoin Depot reported a net profit of $4.7 million for 2025, compared to $7.8 million in the previous reporting period.
The company expects a 30-40% decline in revenue from its core business this year due to regulatory requirements in certain states and stricter compliance standards.
“While our anti-fraud measures have effectively reduced consumer fraud cases and protected clients, we expect these efforts to result in significantly lower revenue than in previous years,” the firm noted.
On April 8, Bitcoin Depot’s shares rose by 15.6%, closing at $2.74. However, over the past six months, the stock has fallen by 88%.
Back in November 2025, the bitcoin ATM operator Crypto Dispensers announced the sale of its business for $100 million. The decision was prompted by the criminal prosecution of the company’s CEO.