Nebraska Man Arrested for Mining $1 million in Cryptocurrency by Theft of Hashrate

Charles O. Parks III, 45, is suspected of stealing $3.50 million worth of cloud computing services to mine $1 million worth of cryptocurrency through a so-called "crypto hijacking" scheme, according to the Department of Justice. Crypto hijacking involves using someone else's computing power to mine cryptocurrency for yourself. Parks is suspected of defrauding two "well-known" cloud computing providers for wire fraud, money laundering and illegal currency transactions, according to information released by the official government. Parks, who is due to make his initial appearance in federal court on April 16, was initially arrested in Nebraska on April 13.