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Crypto influencer Charles Parks III, widely known as CP30, has been sentenced by a Brooklyn federal court for orchestrating a multimillion-dollar cryptojacking scheme.
Prosecutors said Parks exploited cloud computing providers to secretly mine cryptocurrency, siphoning vast amounts of resources and converting the illicit gains into luxury spending—marking one of the most high-profile convictions yet in the growing fight against digital financial crime.
The cryptojacking scheme saw Parks steal computing power worth more than $3.5 million, prosecutors revealed, generating roughly $1 million in illicitly mined Ethereum, Litecoin, and Monero between January and August 2021.
The conviction marks one of the most high-profile cryptojacking prosecutions in the U.S. and sends a warning to both cloud providers and crypto investors about rising risks in the digital asset economy.
Cryptojacking schemes are often called “invisible crypto mining” because they hijack computing resources without the victim’s knowledge.
Parks’ approach was more brazen. He set up fraudulent companies such as “MultiMillionaire LLC” and “CP3O LLC,” complete with fake emails and websites, to pose as a tech entrepreneur.
By convincing cloud service providers he was building a “global online training platform” for 10,000 students, Parks gained access to massive computing power.
But instead of creating an educational platform, he diverted the servers into a cryptojacking scheme designed to mint crypto assets under the radar.
“While Parks gloated across social media platforms, he failed to mention his purported success was rooted in deceit and theft,” said Breon Peace, U.S.
Attorney for the Eastern District of New York, in a statement announcing the sentence.
The FBI’s Cyber Division described the crime as emblematic of the broader challenge facing digital infrastructure.
“Cryptojacking is a theft of trust as much as it is a theft of resources,” an FBI spokesperson said.
“By exploiting cloud services under false pretenses, criminals compromise both companies’ infrastructure and investors’ confidence in the crypto sector.”
This cryptojacking scheme was not only about resource theft but also about eroding trust in the digital economy — a growing concern for regulators and industry leaders alike.
After generating his illicit crypto, Parks moved to launder the proceeds through a network of exchanges, NFT marketplaces, online payment platforms, and even traditional banks. Transactions were deliberately structured to dodge federal oversight.
He then flaunted his newfound wealth. Authorities said Parks spent heavily on luxury hotels, sports cars, and international travel.
In a 2022 YouTube video, he boasted of creating a “really nice crypto script” that helped him reach seven figures in just ten days, dubbing it the “MultiMillionaire Mentality.”
Investigators later revealed those profits stemmed entirely from the cryptojacking scheme.
“Subsidizing illicit mining activities through deception undermines market confidence,” warned Sheila Warren, CEO of the Crypto Council for Innovation. “Cases like this show why vigilance is essential for investors and service providers.”
In December 2024, Parks pleaded guilty to wire fraud, money laundering, and unlawful monetary transactions.
His sentence includes prison time, forfeiture of $500,000, and the surrender of a Mercedes-Benz bought with stolen funds. Final restitution will be determined later by the court.
The outcome underscores a key message for the crypto sector: while blockchain innovation thrives, cryptojacking schemes and related frauds remain a significant threat.
For investors, the conviction is both a relief and a cautionary tale. It proves that law enforcement can dismantle sophisticated fraud networks but also highlights how quickly bad actors adapt.
As the Crypto Council for Innovation and FBI stress, vigilance is crucial — not only for crypto holders but also for companies offering the infrastructure that underpins the digital economy.
Cases like Parks’ illustrate how the lure of easy crypto profits fuels criminal ingenuity. From fake corporations to manipulated cloud providers, the scale of this cryptojacking scheme shows how much damage one individual can cause.
Yet, it also demonstrates that regulators and law enforcement are taking these threats seriously. With the sentencing of CP30, the government is sending a message: cryptojacking will not be tolerated, and those caught will face significant consequences.
For now, the CP30 case stands as both a victory for justice and a warning shot for would-be fraudsters. The crypto community must remain alert — because cryptojacking schemes are unlikely to disappear anytime soon.
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