Scottish Man Pleads Guilty in U.S. Court to $8 Million Crypto Theft Conspiracy

LOS ANGELES — Tyler Robert Buchanan, a 24-year-old from Dundee, Scotland, pleaded guilty in federal court to one count of conspiracy to commit wire fraud and one count of aggravated identity theft. S. Department of Justice.

Buchanan faces a maximum penalty of 22 years in federal prison and is scheduled for a sentencing hearing on August 21.

Details of the Hacking Scheme

Buchanan and several co-conspirators operated the scheme from September 2021 to April 2023, stealing $8 million in virtual currency from victims across the U.

Federal prosecutors stated. The operation primarily involved sending phishing text messages to victims' phones, masquerading as communications from the victims' companies or contracted suppliers. These messages claimed that employees' accounts were about to be deactivated and urged recipients to click on provided links.

Victims who clicked the links were directed to fraudulent websites designed to mimic legitimate ones, prosecutors said. Once victims entered personal information on these sites, Buchanan and his co-conspirators used the data to access virtual wallets and steal the currency.

The scheme targeted at least 45 companies in the United States and abroad, including Canada, India, and the United Kingdom, according to court documents.

Charges Against Co-Conspirators

Ahmed Hossam Eldin Elbadawy, 24, also known as 'AD,' of College Station, Texas, faces criminal charges in connection with the scheme, federal prosecutors reported.

Evans Onyeaka Osiebo, 21, of Dallas, Texas, also faces charges. Additionally, Joel Martin Evans, 26, known as 'joeleoli,' of Jacksonville, North Carolina, is charged in the case.

Broader Context of Cyber Fraud

Cyber-enabled crimes defrauded Americans of nearly $21 billion in 2025, according to a Federal Bureau of Investigation report released earlier in April 2026.

7 billion in losses during that year, marking a 37% increase from 2024, the FBI report detailed. These figures highlight the growing scale of such schemes, with the Buchanan case exemplifying targeted phishing tactics used to exploit personal and corporate data.