Bitcoin Depot Loses $3.7M in BTC Hack, Ethereum Foundation Sells ETH, Canary Capital Files PEPE ETF

Latest Market Updates: As of 9th April 2026.

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Security concerns took center stage in the crypto world after Bitcoin Depot revealed a major cyberattack.

In its recent SEC filing, the crypto ATM operator reported that on March 23, unauthorized access was detected in its internal systems. As a result, attackers obtained credentials linked to crypto settlement accounts.

This breach enabled the transfer of 50.9 BTC, worth nearly $3.7 million, from company-controlled wallets. The firm responded by activating incident protocols and notifying law enforcement.

While the breach was serious, Bitcoin Depot confirmed that customer data and platforms remained unaffected. A third-party investigation is ongoing, and insurance may cover part of the losses, though full recovery is uncertain.

As security news dominated headlines, market attention also turned to Ethereum’s recent price movements.

The Ethereum Foundation confirmed it is converting 5,000 ETH into stablecoins to fund research, grants, and donations. The sales are being executed via CoW DAO’s TWAP feature, according to an official X post.

So far, 3,750 ETH, worth $8.3 million, has been sold, per Arkham data. Following the announcement, ETH briefly slipped below $2,200 and now trades at $2,179, a 3.32% daily decline. Despite the dip, the asset remains up over 6% in the past week.

While prices fluctuated, on-chain metrics signaled rising network engagement.

Santiment reported a sharp spike in Wrapped Ethereum (WETH) activity on Wednesday, with over 32,000 new wallets created in a single day, a 16-fold increase from typical levels. Active addresses also climbed to 46,650, roughly three times the average.

This marks the highest level of network growth so far this year, pointing to strong underlying participation despite short-term volatility.

Meanwhile, institutional interest continues to expand into new corners of the crypto market.

Canary Capital has filed an S-1 application with the U.S. SEC to launch a spot ETF tied to Pepe (PEPE). The proposed fund would hold PEPE tokens via a custodian, with up to 5% of assets allocated in ETH for transaction costs.

However, the filing also flagged key risks, particularly the token’s concentrated ownership, with the top 10 wallets controlling around 41% of the supply.

As of this writing, PEPE trades at $0.000003464, down 6.1% in 24 hours, and nearly 85% below its all-time high from December 2024, per CoinMarketCap.

Beyond market developments, debate over Bitcoin’s origins has resurfaced. Michael Saylor pushed back against a New York Times report suggesting Adam Back could be Satoshi Nakamoto.

In a post on X, Saylor argued that stylometric analysis is insufficient as proof and cited email exchanges from 2008 to support the claim that the two are distinct individuals.

He emphasized that only a verified cryptographic signature could conclusively confirm Satoshi’s identity.

Adam Back himself has also rejected the claim on X. He clarified that he was merely an early adopter of Bitcoin, given his long-term research in cryptography and privacy tech.

i'm not satoshi, but I was early in laser focus on the positive societal implications of cryptography, online privacy and electronic cash, hence my ~1992 onwards active interest in applied research on ecash, privacy tech on cypherpunks list which led to hashcash and other ideas.

— Adam Back (@adam3us) April 8, 2026