Man Charged in ‘Cryptojacking’ Scheme for Stealing Cloud Computing to Mine $1M in Crypto
US prosecutors have charged a man with wire fraud and money laundering in connection with a large-scale illegal ‘cryptojacking’ operation.
Charles O. Parks III, also known as “CP3O,” allegedly defrauded two cloud computing providers, resulting in losses of $3.5 million, while using their resources to mine cryptocurrencies worth approximately $970,000, including Ether, Litecoin, and Monero, according to an official press release .
If convicted, Parks could face a maximum sentence of 50 years in prison.
The Brooklyn U.S. Attorney’s Office initiated the charges against Parks, who was arrested in Nebraska on April 13.
He stands accused of wire fraud, money laundering, and engaging in unlawful monetary transactions.
Parks is scheduled to appear before an Omaha federal court on April 16.
According to the indictment, Parks established multiple accounts with a subsidiary of “Company 1,” a cloud computing and consumer electronic device company based in Seattle, Washington, as well as “Company 2,” a firm specializing in personal computers and related services headquartered in Redmond, Washington.
From January to August 2021, Parks allegedly employed various false identities, corporate affiliations, and email addresses, including those associated with companies he registered, such as MultiMillionaire LLC and CP3O LLC, to create accounts with these companies.
The indictment further states that Parks deceived and defrauded the cloud computing providers into granting him elevated privileges and benefits, such as increased levels of cloud computing services and deferred billing accommodations.
When the providers began noticing suspicious data usage and unpaid subscription balances, Parks allegedly attempted to evade
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