Bitcoin Depot loses $3.7m in corporate wallet breach
Bitcoin Depot has disclosed a cybersecurity incident in which attackers drained 50.9 BTC, worth approximately $3.7 million, from the company's corporate wallets. According to Decrypt, the breach involved hackers gaining control of settlement account credentials, with the company disclosing the theft roughly two weeks after the attack occurred.
The Block and CoinTelegraph both confirmed that the stolen funds were held in company-owned wallets rather than customer accounts, a distinction the company is likely to emphasise as it manages reputational fallout. CoinTelegraph reported that access was obtained through internal systems linked to those corporate wallets.
Bitcoin Depot operates a network of crypto ATMs that require the company to maintain liquid bitcoin holdings for operational settlement purposes, making such accounts a concentrated target. The company has not publicly disclosed how the credential compromise occurred, whether any funds have been recovered, or what remediation steps have been taken.
