UK hacker admits guilt in $8m theft scheme
Tyler Robert Buchanan from Scotland, admitted guilt in a California federal court
A man from the UK has admitted in a federal court to leading a hacking operation that resulted in the theft of $8 million in cryptocurrency from victims in the United States.
Tyler Robert Buchanan, 24, residing in Dundee, Scotland, admitted to charges of conspiracy to commit wire fraud and aggravated identity theft, according to a statement from the US Department of Justice. He made his court appearance in the Central District of California.
Federal authorities noted that Buchanan and his associates conducted the scheme between September 2021 and April 2023.
They mainly accessed victims' mobile devices using phishing texts disguised as messages from the victims' companies or their vendors.
These messages typically warned that the employee accounts were about to be suspended, prompting them to follow a link.
Once victims clicked those links, they were taken to fake websites resembling legitimate ones.
After entering their details, Buchanan and his team used the sensitive information to access digital wallets and rob the currency, as outlined by prosecutors.
Court documentation indicates that Buchanan and his accomplices targeted at least 45 companies across the US, Canada, India, and the UK.
Buchanan is set for sentencing on August 21 and could face up to 22 years in federal confinement.
Federal prosecutors pointed out Buchanan's partners, Ahmed Hossam Eldin Elbadawy, 24, known as "AD," from College Station, Texas; Evans Onyeaka Osiebo, 21, from Dallas, Texas; and Joel Martin Evans, 26, known as "joeleoli," from Jacksonville, North Carolina, are still facing legal charges.
This situation underscores an increasing trend in cybercrime. Earlier in April, the Federal Bureau of Investigation published a report highlighting that these types of offenses cost Americans nearly $21 billion in 2025.
Offenders are employing social media, messaging platforms, and AI more frequently to deceive individuals.
Americans aged over 60 are particularly susceptible, experiencing around $7.7 billion in losses the previous year, marking a 37% rise from 2024, as noted in the report.