David Awoyode
A Brooklyn federal court has sentenced crypto promoter Charles O. Parks III, known online as “CP3O,” to one year and one day in prison for orchestrating a large-scale cryptojacking operation that defrauded major cloud computing providers of more than $3.5 million in services.
Fake Companies Used to Access Cloud Resources
Prosecutors said Parks created shell corporations such as MultiMillionaire LLC and CP3O LLC to trick providers into granting him elevated access to high-powered servers. Instead of using the accounts for business purposes, he ran crypto-mining operations.
Between January and August 2021, Parks mined nearly $1 million worth of Ethereum, Litecoin, and Monero.
DOJ: Parks Lied About a Fake Online Academy
According to the Department of Justice (DOJ), Parks claimed he was building an online training platform for 10,000 students focused on business, technology, and media. Investigators later confirmed no such school existed. Instead, the stolen computing power was redirected toward cryptocurrency mining.
Providers Flagged Suspicious Data Usage
When cloud companies questioned unusual activity and unpaid subscription balances, Parks allegedly misled them to cover his tracks.
Laundering Crypto Into Luxury Lifestyle
Authorities said Parks laundered his crypto through exchanges, NFT marketplaces, and payment processors, eventually cashing out to fund an extravagant lifestyle. Purchases included a Mercedes-Benz, luxury jewelry, and first-class travel.
Seized Assets and Restitution
The court ordered Parks to forfeit $500,000 and the luxury car. Restitution will be determined at a later date.
Online Persona as a “Crypto Mentor”
Prosecutors revealed that Parks attempted to leverage his stolen gains to build credibility online as a crypto influencer and motivational coach. His website offered a $10 per month self-improvement subscription and consulting sessions at $150 per month, with rewards tied to his personal token.
DOJ: Parks Was “No Innovator, Just a Fraudster”
Despite branding himself as a thought leader teaching the so-called “MultiMillionaire Mentality,” prosecutors said Parks’ success was built entirely on deception.
“As the sentence shows, he was not an innovator, but a fraudster who stole computer power and lied his way to profit,” said U.S. Attorney Nocella Jr.
Charles Esther