American Charged in Alleged Cryptojacking Scheme

Nebraska resident Charles O. Parks III is facing charges of wire fraud, money laundering, and operating an unlicensed money-transmitting business in relation to an alleged cryptojacking scheme. The scheme involved illegally using cloud-based computing services to mine cryptocurrencies, with an estimated value of $1 million. Parks is accused of exploiting cloud providers’ systems to evade billing and prolong the fraudulent activity. Authorities claim that Parks managed to divert over $3.5 million worth of computing services from two major cloud providers. He allegedly registered multiple accounts under different aliases, such as “MultiMillionaire LLC” and “CP3O LLC,” to gain significant computing power without payment. These resources were reportedly used for mining cryptocurrencies like Ethereum, Litecoin, and Monero. Parks was apprehended on April 13, 2024, and is scheduled 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. This case highlights the concerns surrounding crypto fraud and emphasizes the need for collaboration between law enforcement agencies to combat cybercrime.