A well-known crypto influencer, Charles Parks III, also known online as “CP3O,” has been sentenced to one year and one day in federal prison after pleading guilty to operating a massive “cryptojacking” scheme. This operation defrauded major cloud computing providers out of over $3.5 million by illegally accessing their computing resources to mine cryptocurrency.

Parks created multiple fake corporate identities and fraudulent accounts with cloud service platforms. Using these unauthorized resources, he was able to mine nearly $1 million worth of cryptocurrencies like Ether, Litecoin, and Monero. The mined funds were then laundered through various crypto exchanges and eventually spent on luxury goods and services.

Actively promoting himself as an industry expert, Parks built a social media following, boasting about his crypto profits. However, his reputation was built on deception and the exploitation of technology for personal gain. In addition to his prison sentence, Parks was ordered to forfeit $500,000 and a luxury vehicle purchased with his illegal earnings. Further restitution to the impacted companies will be determined in future court proceedings.

This case underscores the risks of cybercrime in the digital asset industry and highlights how seemingly innovative figures can cross ethical and legal lines for personal profit. It stands as a warning to anyone considering similar illicit strategies and reinforces the importance of accountability and transparency in the crypto world.