A grand jury announced that Charles O. Parks III, better known as CP3O, is accused of orchestrating a large-scale cryptojacking operation. The authorities are investigating Parks for tricking cloud computing service providers into allowing him to mine cryptocurrency, which was originally valued at approximately $1 million but grew to nearly $3.5 million in value.
On April 13, Parks was taken into custody in Nebraska and charged with wire fraud and money laundering for facilitating illegal financial transactions. Using various aliases and businesses, Parks is alleged to have misused cloud provider accounts to illegally obtain processing power and data storage.
He appropriates this capital and utilizes it for mining Bitcoin, Ethereum, Litecoin, and Monero. Despite liabilities and pressure from creditors, Parks continued to prioritize accessibility by removing women’s reservations and promoting them to higher positions.
Parks converted his cryptocurrency into dollars to extract wealth from it, primarily using the funds to purchase luxury cars and jewelry. The harshest punishment for wire fraud and money laundering is a prison term of up to 20 years, while illegal monetary transactions are punishable by a maximum sentence of 10 years.
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2024-04-16 00:20