Crypto influencer Charles Parks was sentenced for allegedly orchestrating a multimillion-dollar “cryptojacking scheme,” a new press release from the U.S. Department of Justice says.
Charles Parks Gets 1 Year In Prison For Crypto Scheme
Charles O. Parks III, better known as “CP3O,” was sentenced to one year and one day behind bars in Brooklyn federal court for stealing from two well-known cloud-computing services in a bid to illicitly buy digital assets, according to the August 15 press release.
The press release outlines the practice of cryptojacking as “the unauthorized use or hijacking of another party’s resources, such as electricity, hardware, or computing power to mine cryptocurrency.”
The DOJ claims that Parks stole $3.5 million worth of computing power and storage, as well as $1 million worth of digital assets, between January and August 2021.
“After converting the ill-gotten cryptocurrency into dollars, Parks used the proceeds to make extravagant purchases, including a Mercedes-Benz, jewelry, and first-class hotel rooms, and to pay travel expenses,” the press release reads.
Cryptojacking Convict Lived Life of Luxury
Parks also used the massive blockchain scheme as a means of promoting himself as a successful crypto influencer, sharing tips on his YouTube channel on what he called a “MultiMillionaire Mentality.”
“Charles Parks III stole more than $3.5 million worth of resources to illegally mine another million in cryptocurrency for personal luxurious purchases,” stated FBI Assistant Director in Charge G. Raia. “While Parks gloated across social media platforms, he failed to mention his purported success was rooted in deceit and theft.”
“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,” stated NYPD Commissioner Tisch.
The post Crypto Influencer Sentenced To Prison In Multi-Million Dollar ‘Cryptojacking’ Scam appeared first on Cryptonews.
