British Man Pleads Guilty to Virtual Currency Theft Conspiracy
A British man has admitted guilt in a conspiracy to hack into the computer systems of at least twelve companies and to steal a minimum of $8 million (£5.9 million) in virtual currency from individuals in the United States.
The US Department of Justice (DOJ) identified the individual as 24-year-old Tyler Buchanan, who hails from Dundee, Scotland. Buchanan and his co-conspirators executed fraudulent schemes targeting companies and their employees through SMS phishing attacks.
These attacks involved sending text messages to mobile phones that directed recipients to websites designed to collect confidential personal information, such as account names and passwords.
Buchanan has been held in US federal custody since April 2025 and is scheduled for sentencing on 21 August. He faces a potential maximum prison sentence of 22 years.
Details of the Cybercrime Operation
According to the DOJ, between September 2021 and April 2023, Buchanan and his associates orchestrated cyberattacks against companies in various sectors including entertainment, telecommunications, technology, and virtual currency.
The group sent hundreds of phishing messages to employees of these organizations. Using the stolen login credentials, they accessed accounts to obtain confidential company information.
In his plea agreement, Buchanan acknowledged that he and several co-conspirators utilized the stolen data to misappropriate millions of dollars in virtual currency.
Authorities recovered a digital device from Buchanan's residence in Scotland, which contained names and addresses of numerous individuals. The device also held a file with cryptocurrency seed phrases and login credentials for one victim’s account.
The DOJ stated that the overall scheme resulted in the theft of at least $8 million worth of virtual currency assets from individuals across the United States.
Charges and Related Cases
Buchanan pleaded guilty to one count of conspiracy to commit wire fraud and one count of aggravated identity theft.
In November 2023, Buchanan was charged alongside four American males, ranging from their teens to twenties, for alleged involvement with the cyber-criminal group known as Scattered Spider.
The DOJ named 21-year-old Noah Michael Urban as a co-conspirator. Urban pleaded guilty in April 2025 to three counts related to fraud. He is currently serving a 10-year federal prison sentence and has been ordered to pay $13 million in restitution.
The FBI continues to investigate the case. Three other defendants, all American men in their twenties, are also facing criminal charges.
