Nebraskan Citizen Charged in $3.5 Million Cryptojacking Fraud

Tuesday, 16 April 2024, 12:30

Charles O. Parks III, also known as 'CP3O,' orchestrated a $3.5 million cryptojacking scheme targeting major cloud computing services. Prosecutors allege that he defrauded two cloud computing providers and used the stolen resources to mine cryptocurrencies like Ethereum, Litecoin, and Monero, amassing nearly $1 million. Parks faces charges including wire fraud, money laundering, and engaging in unlawful monetary transactions.

https://store.livarava.com/09f94cdb-fbee-11ee-a6be-63e1980711b2.png — Nebraskan Citizen Charged in $3.5 Million Cryptojacking Fraud

Prosecutors Allegations

Charles O. Parks III, also known as 'CP3O,' has been indicted for orchestrating a $3.5 million cryptojacking scheme targeting major cloud computing services. He is accused of defrauding two cloud computing service providers and using stolen processing power to mine cryptocurrencies including Ethereum, Litecoin, and Monero.

Arrest and Charges

Parks was arrested in Nebraska on April 13 and is facing charges that include wire fraud, money laundering, and engaging in unlawful monetary transactions.
If convicted, he could spend up to 50 years in prison, as revealed by the US Attorney's Office in the Eastern District of New York.

US Attorney Breon Peace emphasized the importance of prosecuting those who commit fraud using technology:

“Parks stole millions worth of computing resources to enrich himself. We will continue to prosecute those who use technology to commit fraud,” Peace stated.

Cryptojacking Operations

Parks allegedly operated between January and August 2021, using various aliases and corporate entities to deceive cloud providers and acquire computing power without payment.
He then converted the illicitly obtained digital currencies through different channels, including exchanges and an NFT marketplace, to fund a lavish lifestyle.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.