Scottish Man Pleads Guilty in $8 Million US Cyber Fraud Scheme

• •Tyler Buchanan pleaded guilty to a scheme that stole over $8 million in virtual currency.
• •The attack method involved text message phishing to capture login credentials from employees.
• •Buchanan faces a maximum sentence of 22 years in prison, with sentencing set for August 21, 2026.

Tyler Buchanan, a 24-year-old from Dundee, Scotland, has pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft in connection with a cyber fraud scheme that targeted at least a dozen companies in the United States. The scheme, which ran from September 2021 to April 2023, involved text message phishing attacks that tricked employees into revealing their login credentials. Buchanan and his co-conspirators sent hundreds of phishing messages, impersonating companies or their suppliers. A device seized from Buchanan contained personal information of multiple victims, including cryptocurrency seed phrases. He has been in US federal custody since April 2025 and faces a maximum sentence of 22 years in prison, with sentencing scheduled for August 21, 2026. Three other defendants from the US are still facing charges related to the scheme. Another co-conspirator, Noah Michael Urban, has already pleaded guilty and is serving a 10-year sentence.