SANTA ANA, Calif.
A United Kingdom man has pleaded guilty in federal court to participating in a cybercrime scheme that targeted U.S. companies and individuals, stealing millions in virtual currency through phishing and SIM-swapping attacks, officials announced Friday.
Tyler Robert Buchanan, 24, of Dundee, Scotland, pleaded guilty to one count of conspiracy to commit wire fraud and one count of aggravated identity theft.
He has been in federal custody since April 2025.
According to his plea agreement, Buchanan and co-conspirators carried out the scheme from September 2021 to April 2023, targeting at least a dozen companies and numerous individuals across the United States.
Quick Facts:
- Defendant: Tyler Robert Buchanan, 24
- Location: Dundee, Scotland
- Loss amount: At least $8 million in cryptocurrency
- Scheme timeline: Sept. 2021 – April 2023
- Custody: Since April 2025
- Sentencing date: Aug. 21
- Max penalty: 22 years in federal prison
Prosecutors said the group used SMS phishing (“smishing”) attacks, sending fraudulent text messages that appeared to come from legitimate companies or their contractors. Those messages directed victims to fake websites designed to steal login credentials and personal identifying information.
Once inside company systems, the hackers obtained sensitive data, including usernames, passwords, intellectual property, and personal information such as email addresses and phone numbers.
The conspirators then used that data to access victims’ cryptocurrency accounts. To bypass security protections, including two-factor authentication, they carried out SIM-swapping attacks, fraudulently transferring victims’ phone numbers to devices under their control.
Authorities said Buchanan admitted possessing stolen data, including cryptocurrency seed phrases and account login information, on a device found at his residence in Scotland.
The scheme resulted in the theft of at least $8 million in virtual currency from victims nationwide.
U.S. District Judge John W. Holcomb has scheduled sentencing for Aug. 21, where Buchanan faces up to 22 years in federal prison.
One co-conspirator, Noah Michael Urban, 21, previously was sentenced to 10 years in prison and ordered to pay $13 million in restitution.
Three additional defendants remain charged in the case and are awaiting further proceedings.
The investigation is being conducted by the Federal Bureau of Investigation.