✨ Man Arrested for Cloud Mining Scheme
posted 16 Apr 2024
American authorities have charged Charles Parks III with fraud and money laundering related to his operation of illegally mining cryptocurrencies using cloud services. From January to August 2021, the suspect orchestrated a cryptojacking scheme, exploiting third-party computing resources and equipment to mine cryptocurrencies.
Using fabricated corporate and personal data, Parks successfully mined Ethereum, Litecoin, and Monero valued at nearly $1 million, causing financial damages totaling $3.5 million to two cloud computing providers. He also manipulated these services to secure additional computing power and delayed payment facilities.
Parks laundered his illicit earnings through cryptocurrency exchanges, NFT marketplaces, and traditional banking systems, deliberately keeping transactions under $10,000 to avoid detection by regulators. CP3O spent his gains on extravagant purchases, including a Mercedes Benz, jewelry, stays at luxury hotels, and first-class air travel.
The suspect was arrested on April 13, 2024, in Nebraska. The first court hearing regarding his case is scheduled for April 16.
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