Tyler Buchanan admitted to targeting 12 companies using SMS phishing to steal more than $8 million in virtual currency.

A British man has pleaded guilty in the United States for his role in a cybercrime scheme that targeted at least 12 companies and stole at least $8 million in virtual currency. US Department of Justice (DOJ).Tyler Buchanan, 24, of Dundee, Scotland, admitted being part of a group that targeted companies and individuals through text message scams known as SMS phishing.Officials said the group sent hundreds of fake messages to employees, prompting them to click on links and enter sensitive information such as login details. These details were used to access company systems and steal confidential data.According to the DOJ, the group carried out the attacks between September 2021 and April 2023, targeting sectors including technology, telecommunications and virtual currency firms.“The conspirators created a phishing kit that captured login credentials entered into fraudulent phishing websites by victim company employees,” the DOJ said. It said the stolen information was shared through online channels controlled by Buchanan and his associates.Investigators also found evidence at Buchanan’s home in Scotland. A digital device contained files containing cryptocurrency access details, including victims’ names and addresses, as well as seed phrases used to control digital assets.Authorities said the scheme resulted in the theft of at least $8 million worth of cryptocurrency from victims across the United States.Buchanan pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft. He is in US federal custody through April 2025.He is scheduled to be sentenced on Aug. 21 and could face up to 22 years in prison.This case is part of a wider investigation into the cyber crime network. The DOJ said Buchanan was associated with a group engaged in similar activities, with other individuals also charged.The FBI continues its investigation, while several co-accused individuals face ongoing legal proceedings in the US.