TechFlow news, August 18 — According to Decrypt, Nebraska resident Charles O. Parks III has been sentenced to one year and one day in prison for carrying out a large-scale cryptojacking scheme. Parks registered shell companies and deceived cloud computing providers under the pretense of developing an online education platform, illegally obtaining over $3.5 million worth of computing resources to mine Ethereum, Litecoin, and Monero, generating approximately $1 million in illicit profits.
The court ordered Parks to forfeit $500,000 and a Mercedes-Benz vehicle, with additional restitution amounts to be determined later. Christopher G. Raia, Assistant Director-in-Charge of the FBI's New York Field Office, stated that the "success" Parks flaunted on social media was actually derived from fraud and theft.
