Crypto influencer Charles O. Parks III, alias ‘CP3O,’ was today sentenced to one year and one day in federal prison for orchestrating a massive illegal ‘cryptojacking’ operation. Parks defrauded two prominent cloud computing service providers out of over $3.5 million worth of resources to mine nearly $1 million in cryptocurrency.
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Parks pleaded guilty to wire fraud last December and was handed down the sentence by United States District Judge Eric Komitee. As part of his punishment, Parks must forfeit $500,000 and a Mercedes-Benz luxury car, the proceeds of his criminal enterprise, though the exact amount of restitution will be determined later.
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United States Attorney for the Eastern District of New York, Joseph Nocella Jr., emphasized that Parks’ actions were fraudulent and deceitful. ‘Parks branded himself as an innovator, but he was merely a fraudster who sought riches through lying and stealing,’ said Nocella.
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FBI Assistant Director-in-Charge Christopher G. Raia highlighted the scale of Parks’ scheme. ‘Parks stole over $3.5 million in resources to mine nearly $1 million in cryptocurrency, all for personal gain,’ Raia stated. ‘Today’s sentencing underscores our commitment to dismantling cryptojacking operations that target legitimate companies for profit.
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New York City Police Department Commissioner Jessica S. Tisch praised the dedication of law enforcement agencies involved in the investigation and prosecution. ‘Parks manipulated technology and stole millions, but today’s sentence holds him accountable,’ said Tisch. ‘We will continue working to bring justice to those who undermine our financial institutions.
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Cryptojacking, or malicious cryptomining, involves the unauthorized use of another party’s resources for cryptocurrency mining. Parks operated his illegal operation from January 2021 to August 2021, using various aliases and corporate entities to gain access to vast amounts of computing power without payment.
RELATED: ‘CP3O’ Gets a Year for $3.5M Cloud Mining Heist
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Cybercrime
- Source: Official Source ↗
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