Tyler Buchanan admitted to targeting 12 companies using SMS phishing to steal over $8 million in virtual currency.
A British man has pleaded guilty in the United States for his role in a cybercrime scheme that targeted at least 12 companies and stole at least $8 million in virtual currency, according to the US Department of Justice (DOJ).Tyler Buchanan, 24, from Dundee in Scotland, admitted to being part of a group that targeted businesses and individuals through text message scams, known as SMS phishing.Officials said the group sent hundreds of fake messages to employees, tricking them into clicking on links and entering sensitive information such as login details. These details were then used to access company systems and steal confidential data.According to the Department of Justice, the group carried out attacks between September 2021 and April 2023, targeting sectors including technology, telecommunications, and virtual currency companies.“The conspirators created a phishing kit that captured login credentials entered into phishing sites by employees of the victim company,” the Justice Department said. She added that the stolen information was exchanged through electronic channels controlled by Buchanan and his associates.
Investigators also found evidence at Buchanan’s home in Scotland. The digital device contained the names and addresses of the victims, along with files containing details of access to cryptocurrencies, including seed phrases used to control the digital assets.Authorities said the scheme led to the theft of at least $8 million in cryptocurrency from victims across the United States.Buchanan pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft.
He has been in US federal custody since April 2025.He is scheduled to be sentenced on August 21, and could face up to 22 years in prison.This case is part of a broader investigation into cybercrime networks. The Department of Justice said Buchanan was linked to a group involved in similar activities, with other individuals also charged.The FBI continues its investigation, while several individuals accused in the United States face ongoing legal proceedings.
