Tyler Robert Buchanan, a 23-year-old Scottish man, has been accused of being part of a hacking group that allegedly stole millions of dollars in cryptocurrency. He was extradited to the United States from Spain after being charged with conspiracy to commit wire fraud, conspiracy, wire fraud, and aggravated identity theft.
Buchanan was apprehended on May 31, 2024, at an airport in Palma de Mallorca, Spain, as he tried to board a flight to Naples, according to the Spanish National Police. The authorities claimed that he was involved in an organised group that gained control of 391 bitcoins, valued at around $27 million (£20 million).
An International Arrest Warrant had been issued against Buchanan by a court in the Central District of California, prompting his extradition from Spain. Bloomberg reported that he faced a court appearance in California following his extradition from Spain. The hacking group is accused of targeting employees of companies across the US using phishing text messages to steal non-public company data and information, as well as hack into virtual currency accounts to pilfer millions of dollars in cryptocurrency.
If convicted, Buchanan and the other defendants could face significant prison time. The U.S. Attorney’s Office for the Central District of California stated that each defendant might receive a maximum sentence of 20 years for conspiracy to commit wire fraud, up to five years for the conspiracy charge, and a mandatory two-year prison term for aggravated identity theft. Buchanan could also face up to 20 years in prison for the wire fraud count.
Apart from Buchanan, other individuals charged in connection with the hacking group include Noah Urban, Joel Evans, Ahmed Elbadawy, and Evans Osiebo. They were accused of conspiracy to commit wire fraud, conspiracy, and aggravated identity theft.
United States attorney Martin Estrada emphasized the seriousness of the allegations against the cybercriminals, stating that they orchestrated a sophisticated scheme to steal intellectual property and proprietary information worth tens of millions of dollars. The phishing and hacking tactics employed by the group have become increasingly sophisticated and can lead to substantial losses for victims, according to Estrada.
Akil Davis, the Assistant Director in Charge of the FBI’s Los Angeles Field Office, highlighted how the defendants exploited unsuspecting victims in a phishing scheme to access personal information and steal millions from their cryptocurrency accounts. Davis warned that such fraudulent activities are widespread and can deprive individuals of their earnings with just a simple click.
The US Justice Department and the US Attorney’s Office in the Central District of California have been reached out to for further comments on the case. The crackdown on cybercriminal activities like these sheds light on the importance of cybersecurity measures and the diligent efforts required to combat online fraud and theft.