Crypto influencer Charles O. Parks III sentenced for multimillion-dollar cryptojacking scheme

Webp 4lntu72usjuaw7zthx8ktdzj3q4j
Joseph Nocella, Jr. U.S. Attorney for the Eastern District of New York | Official photo

Crypto influencer Charles O. Parks III sentenced for multimillion-dollar cryptojacking scheme

Charles O. Parks III, known online as “CP3O,” was sentenced to one year and one day in prison by United States District Judge Eric Komitee for operating an illegal cryptojacking scheme. Parks defrauded two major cloud computing service providers of over $3.5 million in computing resources, which he used to mine nearly $1 million in cryptocurrency. He pleaded guilty to wire fraud in December 2024.

Parks was also ordered to forfeit $500,000 and a Mercedes Benz purchased with proceeds from the scheme. The amount of restitution is yet to be determined.

The sentencing was announced by Joseph Nocella, Jr., U.S. Attorney for the Eastern District of New York; Christopher G. Raia, Assistant Director-in-Charge at the FBI’s New York Field Office; and Jessica S. Tisch, Commissioner of the NYPD.

“Parks branded himself as an innovator and a thought leader, but in the end he was merely a fraudster whose secret to getting rich quick was lying and stealing,” stated United States Attorney Nocella. “This Office remains committed to prosecuting criminal actors who take advantage of new, sophisticated technologies to engage in fraud and deceit.”

Mr. Nocella thanked the FBI’s New York Cyber Crimes Task Force (CCTF) for their work on the case.

“Charles Parks III stole more than $3.5 million worth of resources to illegally mine another million in cryptocurrency for personal luxurious purchases,” stated FBI Assistant Director in Charge Raia. “While Parks gloated across social media platforms, he failed to mention his purported success was rooted in deceit and theft. May today's sentencing reaffirm the FBI's steadfast commitment to dismantling any cryptojacking operation that targets legitimate companies for nefarious reasons.”

“Charles Parks manipulated technology, stole millions in computer resources, and illegally mined cryptocurrency—and today’s sentencing holds him fully accountable for his deceitful actions,” stated NYPD Commissioner Tisch. “I am grateful to the NYPD and FBI investigators for their dedication, and I commend the prosecutors for their tireless efforts in securing this meaningful prison sentence. We will continue to work with all of our law enforcement partners to bring to justice anyone who seeks to undermine the integrity of our financial institutions.”

Cryptojacking involves unauthorized use or hijacking of another party’s computing resources—such as electricity or hardware—to mine cryptocurrency without consent or payment from those providing such services.

According to court documents presented during sentencing, between January 2021 and August 2021 Parks set up numerous accounts with cloud service providers using various aliases and company names like “MultiMillionaire LLC” and “CP3O LLC.” He registered these accounts with different email addresses so he could access large amounts of processing power without paying for it.

He deceived providers into granting elevated privileges by making false claims about building an online training company meant “to serve 10,000 students simultaneously.” In reality there were no students or training company; instead he used these fraudulent accounts solely for mining cryptocurrencies including Ether, Litecoin, and Monero.

Parks laundered his proceeds through crypto exchanges, NFT marketplaces, payment services providers, traditional bank accounts—and structured transactions specifically so they would not trigger federal reporting requirements.

He spent some proceeds on luxury items such as a Mercedes-Benz vehicle—alongside jewelry purchases—and covered travel expenses including first-class hotel stays.

Parks promoted himself as a successful crypto influencer online: In September 2022 on YouTube he claimed that after ten days creating what he called a “really nice crypto script,” he did not have “to work the rest of the year.” He further boasted about buying a Mercedes Benz AMG S class coup by April following his illicit activities.

The case is being prosecuted by Assistant U.S. Attorney Andrew D. Reich from the National Security and Cybercrime Section with help from Paralegal Specialist Wayne Colon.