Influencer Given One-Year imprisonment for $3.5 Million Cryptocurrency Theft Scam
In a landmark decision, Charles O. Parks III, also known as CP3O, has been sentenced to one year and one day in prison for his role in a large-scale cryptojacking scheme. The sentencing took place on a recent date, marking the end of a long legal battle that began in early 2021.
From January to August 2021, Parks allegedly conducted his cryptojacking operation, siphoning over $3.5 million in computing power from two unnamed cloud service providers. Cryptojacking is a form of cybercrime in which unauthorized actors exploit the computing power of others' systems to mine cryptocurrency.
According to the United States Attorney for the Eastern District of New York, Joseph Nocella, Jr., Parks was merely a fraudster whose secret to getting rich quick was lying and stealing. In his operation, Parks allegedly manipulated the cloud service providers to grant him elevated access and enhanced computing resources.
Parks allegedly opened numerous accounts with the providers and illegally obtained substantial computing power and storage without payment. He also allegedly deflected providers' inquiries concerning unusual data usage and accumulating unpaid subscription fees.
In a statement, NYPD Commissioner Jessica S. Tisch said that today's sentencing holds Parks fully accountable for his deceitful actions. Parks faced charges of wire fraud, money laundering, and conducting unlawful monetary transactions.
Parks was ordered to forfeit $500,000 and a Mercedes-Benz acquired with illicit proceeds. He also publicly boasted on social media about his purported gains from the illicit cryptojacking scheme.
During his operation, Parks allegedly used aliases, identities, and email addresses associated with his own entities, "MultiMillionaire LLC" and "CP3O LLC". He falsely presented himself as capable of generating nearly $1 million in cryptocurrency.
The exact restitution amount is expected to be set at a later date. Parks entered a guilty plea to wire fraud in December 2024. This sentencing marks a significant step in deterring future cryptojacking activities and upholding the integrity of cloud services.
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