From Cloud to Cash: “CP3O” Indicted in Multi-Million Dollar Cryptojacking Operation
In a recent press release, the U.S. Department of Justice announced the arrest of Charles O. Parks III, also known as “CP3O,” for orchestrating a sophisticated cryptojacking scheme. Parks exploited cloud computing resources to mine cryptocurrency worth over $970,000 without paying for server rentals.
The total value of unpaid bills amounted to $3.5 million. Parks’s scheme involved creating fictitious companies and using aliases to register multiple accounts with cloud service providers. This deceptive approach granted him access to vast computational power and data storage without incurring any costs.
To maximize his cryptojacking profits, Parks employed specialized software to mine Ether (ETH), Litecoin (LTC), and Monero (XMR). He also utilized tools designed to monitor mining operations and allocate computational power across multiple mining pools.
“Through fraud and deceit, Parks acquired powerful computing resources worthmillions of dollars to fuel his illegal cryptomining operation,” stated United States AttorneyPeace. “Today’s guilty plea underscores our strong commitment to prosecuting criminal actors who enrich themselves through sophisticated cryptocurrency frauds and other complex cyberschemes.”
The proceeds from his cryptocurrency mining were laundered through exchanges, an NFT marketplace in New York, payment services, and various bank accounts. The laundered funds were then used to purchase luxury items, including first-class airline tickets, a Mercedes-Benz, and high-end jewelry.
Parks faces a potential sentence of up to 20 years in prison for his actions.
