A prominent figure in the crypto world, Charles O. Parks III, also known as CP3O, has been handed a 12-month prison sentence for orchestrating a significant cryptojacking operation. Prosecutors revealed that Parks illicitly diverted cloud computing power to mine digital currencies without authorization.
Under aliases like “MultiMillionaire LLC” and “CP3O LLC,” Parks deceived cloud providers into granting him increased computing resources. From January to August 2021, he used these stolen resources to mine nearly $1 million worth of Ether, Litecoin, and Monero.
Following an investigation, it was uncovered that Parks funneled the proceeds through various channels, including exchanges, an NFT marketplace, and banks. The ill-gotten gains were spent on luxury items like a Mercedes-Benz, jewelry, and extravagant travel.
Legal Ramifications and Implications
Parks, who pleaded guilty to wire fraud, managed to escape harsher penalties by cooperating with authorities. A 2024 indictment linked his fraudulent activities to several reputable cloud and computing companies, estimating the total value of misappropriated computing resources at over $3.5 million.
The case involving Parks sheds light on a growing trend of crypto-related crimes, with recent reports highlighting significant losses due to scams and security breaches. Notably, phishing attacks and wallet breaches accounted for billions of dollars lost in the first half of 2025.
Cloud providers remain vulnerable to such exploits, as unauthorized access can lead to massive mining operations running unnoticed. The Department of Justice emphasized the need for stringent security measures to prevent tech exploitation for personal gain, underscoring the broader implications of such criminal activities.
Officials, including New York City Police Department commissioner Jessica S. Tisch, emphasized the tangible impact of tech fraud and illegal mining, urging vigilance in safeguarding against similar illicit schemes.
Image source: The Boar, Chart source: TradingView
