Bitcoin Depot Hacked for Approximately 54 BTC, On-Chain Investigation Suggests Loss Could Be Higher Than Official Disclosure

On April 9, on-chain detective ZachXBT revealed that U.S. Bitcoin ATM operator Bitcoin Depot (BTM) disclosed in an 8-K filing with the U.S. Securities and Exchange Commission (SEC) that a security incident occurred on March 23, resulting in the theft of approximately 50.9 BTC (worth roughly $3.6 million). However, further investigation traced the actual incident to March 20—meaning funds were moved three days before the company detected the breach. On-chain analysis identified 19 highly credible related addresses holding a total of around 54.45 BTC (about $3.7 million), which exceeds the company’s reported amount by roughly 3.55 BTC and may involve an employee’s personal account. Fund flows show approximately 54 BTC ultimately moved to cryptocurrency exchange KuCoin. As of now, these involved addresses have not been flagged by mainstream compliance monitoring tools.