A Brooklyn federal court sentenced Charles O. Parks III, known online as “CP3O,” to one year and one day in prison for orchestrating what prosecutors described as a large-scale cryptojacking operation.
Parks illegally obtained more than $3.5 million in cloud computing resources, which he used to mine nearly $1 million worth of cryptocurrencies between January and August 2021.
The Department of Justice (DOJ) revealed that Parks created fake companies such as “MultiMillionaire LLC” and “CP3O LLC” to gain elevated access to computing services. He then redirected those resources to mine Ether, Litecoin, and Monero.
Deception and Laundered Profits
Authorities said Parks pretended he was running an online training business expected to serve thousands of students. In reality, the company never existed, and all computing power went into crypto mining. When providers began raising concerns about unusual activity and unpaid bills, Parks continued to mislead them.
The illegally mined crypto was funneled through exchanges, NFT platforms, and banks, then converted into cash. Prosecutors said he used the proceeds to buy luxury goods, including a Mercedes-Benz, jewelry, and first-class travel.
Prosecutors Call Him a Fraudster
Originally facing charges that carried up to 50 years in prison, Parks pleaded guilty to wire fraud in December 2024. He was also ordered to forfeit $500,000 and the luxury vehicle, with restitution yet to be determined.
Prosecutors added that Parks tried to build an image as a successful crypto influencer by boasting about his supposed wealth online. His YouTube channel promoted a “MultiMillionaire Mentality,” alongside a subscription coaching program that offered token-based rewards.
U.S. Attorney Joseph Nocella Jr. dismissed Parks’ influencer persona, stating that his wealth wasn’t the result of innovation, but “lying and stealing.”
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/one-year-prison-sentence-for-crypto-fraudster-who-stole-3-5-million/