Prosecutors claim the “cryptojacking” scheme stole cloud computing resources to mine nearly $1 million worth of crypto.
United States prosecutors have charged a man with wire fraud and money laundering charges after he allegedly defrauded two cloud computing providers to run a “large-scale illegal ‘cryptojacking’ operation” — with the perpetrator facing up to 50 years in prison.
The Brooklyn U.S. Attorney’s Office on April 15 claimed Charles O. Parks III, also known as “CP3O,” defrauded the two companies of $3.5 million to mine $970,000 in cryptocurrencies, including Ether (ETH), Litecoin (LTC) and Monero (XMR) using the two firm’s resources without paying.
Cryptojacking is when an entity uses resources such as computing power or electricity without permission to mine crypto. Types of malware can inject software to mine crypto that drains a small amount of resources from a network of computers.
