British Man Admits Guilt in $8 Million Virtual Currency Theft Conspiracy
Tyler Buchanan, a 24-year-old from Dundee, has admitted guilt in a US federal court for his role in a conspiracy to defraud companies and individuals across the United States. The US Department of Justice (DOJ) detailed how Buchanan and his accomplices orchestrated sophisticated SMS phishing attacks, luring victims to fraudulent websites to pilfer confidential login credentials.
The scheme, which operated between September 2021 and April 2023, targeted a range of sectors including entertainment, telecommunications, technology, and virtual currency firms. Hundreds of phishing messages were sent to employees, with stolen credentials subsequently used to access corporate accounts and expropriate sensitive information, leading to the theft of millions in virtual currency.
Buchanan, who has been in US federal custody since April 2025, pleaded guilty to one count of conspiracy to commit wire fraud and one count of aggravated identity theft. A digital device seized from his Scottish residence reportedly contained a trove of personal data, including cryptocurrency seed phrases and login details for a victim's account, corroborating the DOJ's assertion that the operation illicitly acquired at least $8 million in virtual currency assets.
Sentencing for Buchanan is scheduled for 21 August, where he could face a substantial prison term of up to 22 years. His co-conspirator, Noah Michael Urban, 21, who pleaded guilty in April 2025, is currently serving a 10-year federal prison sentence and has been ordered to pay $13 million in restitution. The FBI's investigation into the broader network, reportedly linked to the cyber-criminal collective Scattered Spider, continues, with three additional American defendants also facing charges.
