Bitcoin Depot Stock Extends Gains Despite $3.7 Million Crypto Wallet Theft

• Bitcoin Depot said the incident has not had a “material impact” on operations and that no customer data exposure has been identified so far.
• The company said it is working with cybersecurity experts to strengthen its systems and investigate the breach.
• Retail sentiment on Stocktwits around BTM’s stock shifted to ‘bullish’ over the past day.

Shares of one of the world's largest cryptocurrency ATM operators, Bitcoin Depot (BTM), continued to gain in pre-market trade on Thursday after a 15% jump in the previous session, despite $3.7 million being stolen from its crypto wallets.

BTM’s stock rose as much as 5% in pre-market trade, while retail sentiment on Stocktwits around the company improved to ‘bullish’ from ‘neutral ‘territory over the past day. Chatter remained at ‘high’ levels. The shares have fallen more than 70% this year.

In a filing with the SEC, Bitcoin Depot reported its IT systems had been breached on March 23, with an attacker taking over credentials tied to the company’s crypto settlement accounts. The company stated that around 50.9 BTC had been stolen, worth around $3.66 million. 

Bitcoin Depot Claims No ‘Material Impact’ From Breach

According to Bitcoin Depot, the breach has not had any “material impact” on the company’s operations. Whether or not insurance coverage will be able to compensate for the loss remains uncertain.

“The company has not identified evidence that customer personally identifiable information was accessed or exfiltrated in connection with the incident; however, the investigation remains ongoing,” Bitcoin Depot wrote in the filing, adding that it continues to investigate the incident and is working with third-party specialists to do so. 

The company also stated that it is working with external cybersecurity experts to further strengthen its information technology systems and prevent future unauthorized access. 

The strength in BTM’s stock comes amid Bitcoin (BTC) holding above $71,000 while the rest of the cryptocurrency market bleeds. Bitcoin’s price edged 0.8% lower in the last 24 hours to around $71,200 after hitting an intraday high of over $72,600. 

Read also: Bitcoin ETF Bleed Continues: MSBT Fails To Reverse Flows Despite $31 Million Inflows On Debut

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