American Charged in Alleged Cryptojacking Scheme

Nebraska resident Charles O. Parks III has been accused of wire fraud, money laundering, and operating an unlicensed money-transmitting business in connection with an alleged 'cryptojacking' scheme.

The scheme reportedly involved unlawfully using cloud-based computing services to mine cryptocurrencies worth approximately $1 million. Parks is accused of exploiting cloud providers’ systems to avoid billing and extend the duration of the fraud.

According to the United States Department of Justice, Parks managed to siphon off over $3.5 million worth of computing services from two major cloud providers as part of his schemes.

He allegedly registered multiple accounts under aliases such as “MultiMillionaire LLC” and “CP3O LLC” to access substantial computing power without payment.

These resources were purportedly used to mine digital currencies like Ethereum (ETH), Litecoin (LTC), and Monero (XMR).

Parks was taken into custody on April 13, 2024, and is set to appear in court in Omaha on April 16. If convicted on all charges, he could face up to 10 years in prison for illegal monetary transactions and 20 years for each count of money laundering and wire fraud.

The case highlights concerns surrounding crypto fraud and underscores the importance of collaboration between law enforcement agencies in addressing cybercrime.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.