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

BlockBeats News, April 9th. On-chain detective ZachXBT revealed that U.S. Bitcoin ATM operator Bitcoin Depot (BTM) disclosed in an 8-K filing to the U.S. Securities and Exchange Commission (SEC) that the company discovered a security incident on March 23rd, where about 50.9 BTC (around $3.6 million) was stolen.

However, the investigation revealed that the actual event date can be traced back to March 20th, meaning that the funds were moved out three days before the company noticed. Through on-chain tracing, 19 highly credible related addresses were identified, involving a total of about 54.45 BTC (around $3.7 million), exceeding the company's disclosed amount by about 3.55 BTC, or potentially related to an employee's personal account.

The fund flow indicates that about 54 BTC ultimately moved to the cryptocurrency exchange KuCoin. As of now, these involved addresses have not been flagged by mainstream compliance monitoring tools.