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Tyler Buchanan admitted targeting 12 companies using SMS phishing to steal over $8m in virtual currency.
A British man has pleaded guilty in the United States to 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 companies 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 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 DOJ, the group carried out attacks between September 2021 and April 2023, targeting sectors including technology, telecommunications and virtual currency firms.“The conspirators created a phishing kit that captured login credentials entered into the fraudulent phishing websites by a victim company’s employees,” the DOJ said. It added that the stolen information was shared through online channels controlled by Buchanan and his associates.
Investigators also found evidence at Buchanan’s home in Scotland. A digital device contained names and addresses of victims, along with files holding cryptocurrency access details, including seed phrases used to control digital assets.Authorities said the scheme resulted in the theft of at least $8 million worth of cryptocurrency from victims across the US.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 due to be sentenced on 21 August and could face up to 22 years in prison.The case is part of a wider investigation into cybercrime networks. The DOJ said Buchanan was linked to a group involved in similar activities, with other individuals also charged.The FBI is continuing its investigation, while several co-accused individuals in the US are facing ongoing legal proceedings.
