Scottish Man Faces 22 Years In Us Prison For $8m Virtual Currency Scam

A Scottish man has admitted to plotting to hack into nan machine systems of astatine slightest a twelve companies to bargain much than US$8 cardinal (£5.9m) successful virtual currency.

The Department of Justice (DOJ) accused Tyler Buchanan, of Dundee, of being progressive successful a ringing that utilized matter connection phishing attacks to instrumentality labor into giving distant their login credentials, enabling entree to machine systems.

Buchanan has pleaded blameworthy to 1 count of conspiracy to perpetrate ligament fraud and 1 count of aggravated personality theft.

US officials said that nan 24-year-old and his co-conspirators sent hundreds of messages to institution employees, posing arsenic nan companies aliases their contracted suppliers.

In his plea agreement, Buchanan admitted that betwixt September 2021 and April 2023, nan group planned to scam telecommunications companies, IT suppliers, unreality communications providers, virtual rate firms and individuals.

A instrumentality seized astatine Buchanan’s location successful Scotland showed that he possessed nan names and addresses of aggregate victims, arsenic good arsenic a matter record containing cryptocurrency seed phrases and login credentials for 1 victim’s account.

“The conspirators created a phishing kit that captured login credentials entered into nan fraudulent phishing websites by a unfortunate company’s employees,” nan DOJ said successful a statement.

“The stolen credentials were past transmitted to an online Telegram transmission administered by Buchanan and different co-conspirator.”

Buchanan has been successful national custody successful nan US for a year.

He is scheduled to beryllium sentenced connected 21 August and faces a maximum condemnation of 22 years successful prison.

Three different defendants, each from nan United States, are still facing criminal charges, according to nan DOJ.

Another co-conspirator, Noah Michael Urban, pleaded blameworthy successful April 2025 to 3 fraud-related charges and is serving a 10-year situation sentence.

Urban was besides ordered to salary $13 cardinal (£9.6 million) successful restitution.

The DOJ said Police Scotland was 1 of respective agencies providing nan FBI pinch assistance arsenic they carried retired nan investigation.