Prosecutors have charged a man with defrauding two Cloud as a Service providers of $3.50 million for mining cryptocurrencies such as Ethereum

On April 16, the Brooklyn U.S. Attorney's Office said on April 15 that Charles O. Parks III, also known as "CP3O," defrauded two cloud computing provider companies of $3.50 million and mined $970,000 worth of cryptocurrencies, including Ethereum, Litecoin and Monero. He used the resources of both companies to mine without paying.
The indictment alleges that he engineered the payments to avoid filing reports required under federal law for transfers greater than $10,000. Prosecutors say they found Parks repeatedly transferred $9,999 and smaller amounts from crypto exchanges to bank accounts; Parks used the proceeds to buy luxury goods, including a luxury Mercedes Benz, jewelry and "first-class hotel and travel expenses." He faces a joint criminal sentence of up to 50 years and is scheduled to appear in federal court in Omaha on April 16.