Man charged for stealing cloud computing power to mine crypto

The culprit is said to have defrauded cloud computing companies of $3.5m by using their resources to mine cryptocurrencies

US prosecutors have levelled charges of wire fraud and money laundering against Charles O. Parks III, known as CP30, who is alleged to have defrauded two cloud computing companies out of $3.5m worth of computational resources that were used to mine various cryptocurrencies, such as Litecoin, Monero, and Ether, worth a total of $970,000.

The news was confirmed by the Department of Justice, which said that a Nebraska man has been indicted in the “cryptojacking” scheme. United States Attorney Peace stated that Parks stole millions worth of computer resources to perpetrate his alleged crime and enrich himself at the expense of the victims.

“Charles Parks, also known as CP3O, allegedly created a cryptojacking scheme to defraud prominent cloud service providers of millions and illegally mine approximately $1m in cryptocurrency for personal use,”  the official statement explained.

The statement also said that criminals have been adapting to the resources available to them online to perpetrate their crimes, such is the case of misusing another company – two in this case – resources to facilitate criminal activities. However, FBI Assistant Director-in-Charge Smith also explained that the agency remains fully committed to ensuring it keeps to date with criminals and surpasses their capabilities in certain regards, bringing perps to justice.

The term “cryptojacking” is not used randomly in the statement, either. It’s a technique that has been growing in popularity among criminals who find a way to exploit computational resources for which they do not have to pay and mine crypto. They do not cover any of the charges incurred by victims, while enriching themselves.

The charges in the indictment are allegations, and Parks is presumed innocent unless and until proven guilty, however, the statement reads. However, his charges carry a maximum sentence of 20 years in prison for wire fraud & money laundering along with another 10 years for unlawful monetary transactions, which are also charges brought against the man.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

Similar News