The largest cryptocurrency ATM operator, Bitcoin Depot, has disclosed a theft of $3.7 million from its corporate wallets. This was reported in a filing submitted to the SEC on April 8.
On March 23, an attacker gained unauthorized access to the company's IT systems and took control of its cryptocurrency accounts. As a result, the criminal withdrew 50.9 BTC (approximately $3.66 million).
“Upon discovering the breach, the company promptly initiated response protocols, engaged external cybersecurity experts, and notified law enforcement,” the statement read.
Bitcoin Depot assured that the attack did not affect customers or their personal information. An investigation involving external specialists is ongoing. Insurance may cover part of the losses, but “there is no guarantee that it will be sufficient to cover all losses,” representatives of the operator emphasized.
Regulatory Challenges
The breach occurred amid increased regulatory scrutiny and operational difficulties.
In March, Connecticut authorities suspended Bitcoin Depot's money transfer license. The regulatory agency found that the operator exceeded the state-imposed commission limit of 15% on 1,015 transactions. As a result, 510 customers overpaid approximately $150,426.
In the U.S., Bitcoin ATMs are also facing shutdowns. Mass closures began in March 2025 after Illinois Senator Dick Durbin proposed a bill to combat fraud in the cryptocurrency ATM sector.
Since the beginning of 2026, 666 such devices have ceased operations in the country.
Source: Coin ATM Radar.
Financial Performance
Bitcoin Depot reported a net profit of $4.7 million for 2025, down from $7.8 million in the previous reporting period.
The company anticipates a 30-40% decline in revenue from its core business this year due to regulatory requirements from certain states and stricter compliance standards.
“While our fraud prevention measures have effectively reduced consumer fraud incidents and protected customers, we expect these efforts to lead to significantly lower revenue than in previous years,” the company noted.
As of April 8, Bitcoin Depot's stock rose by 15.6%, closing at $2.74. However, shares have decreased by 88% over the past six months.
It is worth noting that in November 2025, the Bitcoin ATM operator Crypto Dispensers announced the sale of its business for $100 million due to the criminal prosecution of its CEO.