A crypto hacker in the US has mined $1 million worth of crypto at the expense of two cloud companies. The hacker is now accused of digital fraud and money laundering. He faces up to 50 years in prison.
Cryptojacking operation
On April 15, the U.S. Attorney’s Office announced that Charles O. Parks III was indicted on charges of defrauding two companies. He used their computing power, electricity and equipment to mine crypto. This cost the companies up to $3.5 million. The mining netted the hacker up to $970,000 worth of Ethereum (ETH), Litecoin (LTC) and Monero (XMR) At.
The man, also known as “CP3O,” ran a large-scale and illegal “Cryptojacking” operations at the two companies. When a person or company uses available computing power or electricity to mine cryptocurrencies without permission, it is called “cryptojacking”. There are several types of malware that use small amounts of available computer capacity to mine cryptocurrencies.
The accusation
Accordingly the accusation The man created several accounts under fake company names starting in August 2021. He then secured special privileges and advantages by providing false information. This also included the increased use of cloud services.
Parks was exposed when questions arose about high data usage and rising unpaid bills. The indictment shows that he laundered some of his crypto through exchanges without a headquarters. He also has his cryptos through payment services, various bank accounts, etc NFT marketplace washed.
Transactions remained under the radar
The man made sure the transactions weren’t too large that they weren’t reported as required by U.S. law. For example, several transactions were found from the crypto exchange to a bank account with a size of $9,999 or less.
According to prosecutors, the suspect used the money mainly for luxury expenses such as cars, jewelry, expensive hotels and high travel expenses. Prosecutor Breon Peace has in one Explanation announce that prosecutors will continue to prosecute criminals who use new and sophisticated technologies to defraud and mislead.
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