Briton admits role in plot to steal $8m in virtual currency

A British man has pleaded guilty to plotting to hack into the computer systems of 12 companies to steal at least $8m (£5.9m) in virtual currency from US victims.

Tyler Buchanan, of Dundee, was involved in a group that used text message phishing attacks to con workers into revealing their login details so they could access computer systems, the US Department of Justice (DOJ) said.

Buchanan, 24, pleaded guilty to one count of conspiracy to commit wire fraud and one count of aggravated identity theft.

He and other group members sent hundreds of messages to employees, posing as the firms or their contracted suppliers, US officials said.

Buchanan admitted in his plea agreement that between September 2021 and April 2023 the group planned to scam telecoms companies, IT suppliers, cloud communications providers, virtual currency firms and individuals.

A device seized at Buchanan's home in Scotland showed he held the names and addresses of multiple victims, as well as a text file containing cryptocurrency seed phrases and login details for one victim's account.

"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.

"The stolen credentials were then transmitted to an online Telegram channel administered by Buchanan and another co-conspirator."

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Buchanan has been in US federal custody since April last year.

He is set to be sentenced on 21 August and faces a maximum sentence of 22 years in jail.

Three other defendants, all from the US, are still facing charges, according to the DOJ.

Another co-conspirator, Noah Michael Urban, pleaded guilty in April last year to three fraud-related charges and is serving a 10-year prison sentence. He must also pay $13m (£9.6m) in restitution.

The DOJ said Police Scotland was one of several agencies assisting in the FBI's investigation.

(c) Sky News 2026: Briton admits role in plot to steal $8m in virtual currency