Particle.news
Download on the App Store
3 ARTICLES
·
6h ago

Crypto Influencer CP3O Sentenced to One Year in Prison for $3.5 Million Cryptojacking

The court ordered forfeiture of $500,000 plus a Mercedes-Benz with restitution to be determined.

Image
Nebraska man sentenced to 1 year prison for $3.5m cryptojacking scheme

Overview

  • Parks posed as an online education provider through shell companies such as MultiMillionaire LLC and CP3O LLC to secure elevated cloud permissions.
  • Between January and August 2021, he misappropriated over $3.5 million in computing resources to mine Ether, Litecoin and Monero, generating nearly $1 million in cryptocurrency.
  • Illicit funds were funneled through cryptocurrency exchanges, NFT marketplaces and traditional banks before financing luxury jewelry, hotels and travel.
  • After an April 2024 indictment, Parks pleaded guilty to wire fraud in December 2024, averting a potential decades-long prison term.
  • The Department of Justice and FBI flagged the scheme as a warning about cloud-service billing vulnerabilities and crypto influencer reputational risks.