Influencer Sentenced 1 Year for $3.5M Cryptojacking Scam

Summary: How did Charles O. Parks III carry out his cryptojacking scheme?

Parks exploited cloud computing services without permission to mine cryptocurrency, siphoning over $3.5 million in resources. He used multiple aliases and fake companies to gain elevated access. Parks also avoided provider scrutiny while publicly boasting about his illicit gains.

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A U.S. federal judge has sentenced crypto influencer Charles O. Parks III, known online as CP3O, to one year and one day in prison for orchestrating a multimillion-dollar cryptojacking scheme that exploited cloud computing services.

Per a press release by the Department of Justice (DOJ), Parks allegedly siphoned more than $3.5 million in computing power from two cloud service providers while falsely presenting himself as capable of generating nearly $1 million in cryptocurrency through the scheme.

Parks faced charges of wire fraud, money laundering, and conducting unlawful monetary transactions linked to the operation. He entered a guilty plea to wire fraud in December 2024. In addition to his prison sentence, he was ordered to forfeit $500,000 and a Mercedes-Benz acquired with illicit proceeds. The exact restitution amount is expected to be set at a later date.

“Parks branded himself as an innovator and a thought leader, but in the end he was merely a fraudster whose secret to getting rich quick was lying and stealing,” United States Attorney for the Eastern District of New York, Joseph Nocella, Jr., stated.

Additionally, Parks is reported to have publicly boasted on social media about his purported gains from the illicit cryptojacking scheme. Cryptojacking is a form of cybercrime in which unauthorized actors exploit the computing power of others’ systems to mine cryptocurrency, typically resulting in increased operational costs and reduced performance for the affected parties.

“Charles Parks manipulated technology, stole millions in computer resources, and illegally mined cryptocurrency—and today’s sentencing holds him fully accountable for his deceitful actions,” New York City Police Department (NYPD) Commissioner Jessica S. Tisch stated.

Parks is reported to have conducted his large-scale cryptojacking operation from January to August 2021. During this period, he allegedly used multiple aliases, corporate identities, and email addresses, including those associated with his own entities, “MultiMillionaire LLC” and “CP3O LLC”, to open numerous accounts with cloud service providers and illicitly obtain substantial computing power and storage without payment.

Additionally, Parks allegedly manipulated the providers into granting him elevated access and enhanced computing resources, while deflecting their inquiries concerning unusual data usage and accumulating unpaid subscription fees.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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