A British man has pleaded guilty in the United States to participating in a cybercrime scheme that targeted at least 12 companies and stole at least $8 million in virtual currency, according to the U.S. Department of Justice. U.S. Department of Justice (DOJ).Tyler Buchanan, 24, from Dundee, Scotland, admitted being part of a group that targeted companies and individuals through text message fraud, 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 U.S. Department of Justice, the group launched attacks between September 2021 and April 2023, targeting industries including technology, telecommunications, and virtual currency companies.“The conspirators created a phishing kit that captured victim company employees entering login credentials into fraudulent phishing websites,” the DOJ said, adding 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. The digital device contained the victim’s name and address, as well as files holding cryptocurrency access details, including mnemonic phrases used to control digital assets.Authorities said the scheme resulted in at least $8 million worth of cryptocurrency being stolen from victims across the United States.Buchanan pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft. He has been in U.S. federal custody since April 2025.He will be sentenced on August 21 and could face up to 22 years in prison.The case is part of a wider investigation into cybercriminal networks. The U.S. Department of Justice said Buchanan had ties to groups involved in similar activity and that other individuals were also charged.The FBI is continuing to investigate, and several co-defendants in the United States are facing ongoing legal proceedings.
