- Charles O. Parks III, also known as “CP3O,” received a prison sentence of one year and one day for a $3.5 million cryptojacking scheme.
- Parks fraudulently used stolen cloud computing to mine nearly $1 million in cryptocurrency.
- He will forfeit $500,000 and a Mercedes-Benz acquired with the proceeds.
- Authorities say Parks used fake companies and misleading claims to access servers from cloud providers.
- Restitution will be determined in the future; Parks originally faced up to 30 years in prison.
Charles O. Parks III, also known online as “CP3O,” has been sentenced to one year and one day in prison for running an illegal cryptojacking operation. The Nebraska resident used the identities of fake companies to obtain cloud computing resources, which he used without authorization to mine cryptocurrency between January and August 2021.
Prosecutors say Parks defrauded large cloud service companies out of more than $3.5 million in resources. He mined nearly $1 million worth of cryptocurrency as a result. Parks has agreed to forfeit $500,000 and a Mercedes-Benz car, according to the sentencing announcement. Restitution amounts will be decided later.
“Charles Parks III stole more than $3.5 million worth of resources to illegally mine another million in cryptocurrency for personal luxurious purchases,” said Christopher G. Raia, Assistant Director-in-Charge of the FBI’s New York Field Office. “While Parks gloated across social media platforms, he failed to mention his purported success was rooted in deceit and theft,” Raia added.
Cryptojacking involves taking someone else’s computers or servers without permission to mine cryptocurrencies. According to court filings, Parks set up fake accounts under names like “MultiMillionaire LLC” and “CP3O LLC” to trick cloud providers into approving large-scale computer access, claiming he was building an educational platform. Instead, he ran mining scripts for digital assets including Ethereum, Litecoin, and Monero.
When questioned by providers about high usage and unpaid bills, he continued to mislead them. Parks laundered his illegally mined cryptocurrency through crypto exchanges, NFT marketplaces, and banks. He spent some of the proceeds on luxury items and travel, while presenting himself online as a technology consultant. In a 2022 YouTube video, Parks claimed he wrote a successful crypto-mining script in only ten days.
Parks pleaded guilty to wire fraud in December 2024 after being indicted earlier that year. Initially, he faced up to 30 years in prison. Further details about restitution payments are pending.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Shiba Inu Faces Hurdles in Reclaiming 2021 Crypto Momentum
- Jeju Tax Officials Seize Crypto From Suspected Tax Evaders
- Crypto Leverage Hits Two-Year High as Bitcoin, Ether Face Volatility
- Apple Eyes AI Robot and Smart Home Display, ‘Pixar Lamp’ in Works
- Monero 0.18.4.1 ‘Fluorine Fermi’ Released, Security Fixes Added
