A British man has pleaded guilty to his role in a major cybercrime scheme that stole at least $8 million (£5.9 million) in cryptocurrency from victims in the United States.
Tyler Buchanan, 24, from Dundee, admitted conspiring to hack companies and defraud individuals through sophisticated phishing attacks, according to the US Department of Justice.
Prosecutors said Buchanan and his co-conspirators targeted employees across multiple sectors, including technology, telecommunications and virtual currency firms, between September 2021 and April 2023.
The group used SMS phishing — sending deceptive text messages designed to trick victims into revealing sensitive information such as login credentials and passwords.
Once access was gained, the hackers allegedly stole confidential data and used it to access accounts and transfer cryptocurrency.
According to the DOJ, the operation resulted in the theft of at least $8 million in digital assets from individuals across the US.
Buchanan admitted in court that he and others used stolen credentials and data to carry out the fraud, with evidence including files found on a device at his home containing cryptocurrency “seed phrases” and login details linked to victims.
Buchanan pleaded guilty to one count of conspiracy to commit wire fraud and one count of aggravated identity theft.
He has been in US federal custody since April 2025 and is due to be sentenced on 21 August, facing a maximum penalty of up to 22 years in prison.
The case is linked to the cybercrime group known as Scattered Spider, with several co-conspirators also charged.
Among them is Noah Michael Urban, who pleaded guilty earlier this year and is serving a 10-year federal sentence, alongside an order to pay $13 million in restitution.
Authorities, including the FBI, continue to investigate the wider network, with additional suspects facing charges in the United States.
The case highlights the growing threat of cybercrime and cryptocurrency fraud, as criminals increasingly exploit digital platforms to target individuals and organisations worldwide.