Charles O. Parks III has pleaded guilty to orchestrating a sophisticated cryptojacking operation that defrauded major cloud service providers of $3.5 million. Operating between January and August 2021, Parks, known as “CP3O,” utilized cloud computing resources to mine approximately $970,000 worth of cryptocurrencies including Ethereum, Litecoin, and Monero.

Using shell companies like “MultiMillionaire LLC” and “CP3O LLC,” Parks created multiple accounts with two prominent cloud providers based in Seattle and Redmond, Washington. He manipulated their systems to obtain premium computing services and delayed billing arrangements while deflecting inquiries about suspicious activities and unpaid balances.

The operation involved launching thousands of instances with powerful graphics processing units specifically for cryptocurrency mining. Parks employed sophisticated mining software and tools to maximize computing power across various mining pools.

To conceal his illegal gains, Parks laundered the cryptocurrency through multiple exchanges, an NFT marketplace in New York City, and various payment services. The proceeds were used to fund a lavish lifestyle, including first-class travel, a luxury Mercedes Benz, and jewelry purchases.

Following his guilty plea, Parks faces up to 20 years in prison. U.S. Attorney Peace emphasized that this case demonstrates their commitment to prosecuting sophisticated cryptocurrency-related crimes and cyber schemes.