Charles O. Parks III, a crypto influencer known as “CP3O,” was sentenced to one year and one day in prison for a cryptojacking scheme on August 15, 2025. He was convicted for defrauding cloud computing providers of over $3.5 million in resources.
The DOJ press release said that Parks used fake companies, including “MultiMillionaire LLC” and “CP3O LLC,” to gain access to cloud systems. Between January and August 2021, he secretly mined nearly $1 million worth of Ether (ETH), Litecoin (LTC), and Monero (XMR).
How the Scheme Worked?
Parks told one provider he was building an online training company for media and technology courses serving 10,000 students. The DOJ also said, “In reality, there was no training company, and there were no students.” Resources were instead used for crypto mining. When providers raised concerns, Parks deflected questions and continued exploiting the systems. Moreover, he also promoted a “MultiMillionaire Mentality” online and offered coaching subscriptions payable in his own token.
“Charles Parks manipulated technology, stole millions in computer resources, and illegally mined cryptocurrency — and today’s sentencing holds him fully accountable,” said NYPD commissioner Jessica S. Tisch.
Prosecutors said Parks laundered the mined crypto through exchanges, an NFT marketplace, payment processors, and banks. He used the funds to buy a Mercedes-Benz and jewelry, as well as sponsor first-class travel and accommodations. The April 2024 indictment revealed Parks had accounts with cloud companies in Seattle and Redmond, both defrauded.
Sentencing and Wider Impact
As part of Parks’ one year and one day in prison sentence, he must forfeit $500,000 and his Mercedes-Benz. Additionally, its restitution will be determined later.
The Parks case has highlighted the risks in crypto. CertiK, a blockchain security firm, says scams, hacks, and wallet breaches caused over $2.2 billion in losses in the first half of 2025. This case shows how authorities are actively holding people accountable for using crypto and technology to defraud users and firms.
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