British man pleads guilty to $8 million virtual currency theft conspiracy

A British man has pleaded guilty to conspiring to hack the computers of multiple companies and steal at least $8 million in virtual currency from individuals in the United States.

Tyler Buchanan, 24, from Dundee, admitted to participating in a scheme involving SMS phishing attacks targeting employees of various organisations.

The US Department of Justice (DOJ) confirmed that Buchanan and his co-conspirators sent hundreds of phishing messages to employees of entertainment, telecommunications, technology, and virtual currency companies between September 2021 and April 2023.

These messages tricked recipients into revealing confidential login credentials.

Using the stolen information, the group accessed accounts and stole confidential company data and virtual currency assets.

A digital device seized from Buchanan's home contained names, addresses, and cryptocurrency seed phrases linked to victims.

Buchanan has been in US federal custody since April 2025 and is scheduled for sentencing on 21 August 2026, facing a maximum sentence of 22 years in prison.

This case highlights ongoing concerns about cybercrime targeting virtual currency, which continues to grow in value and popularity.

The theft of millions of dollars worth of digital assets underscores the risks faced by companies and individuals in the evolving cyber threat landscape.

#TylerBuchanan #virtualcurrencytheft #phishingattacks #USDepartmentofJustice #cybercrime #Dundee