Crypto influencer Charles Parks III has been sentenced to one year and one day in federal prison after admitting to running a multimillion-dollar cryptojacking scheme. The 38-year-old from Missouri was accused of stealing computing power from two companies and secretly using it to mine cryptocurrency.
According to the U.S. Department of Justice (DOJ), Parks carried out the fraud between January 2021 and August 2021. He gained access to cloud computing accounts owned by the companies and installed mining software without permission. This allowed him to generate cryptocurrency using their resources while incurring the heavy electricity and server costs.
Prosecutors stated that the scheme resulted in losses exceeding $3.5 million to the affected firms. Out of that, Parks personally made about $1 million in profit. Court documents reveal that he used the stolen funds to cover luxury expenses, including travel and personal purchases, while presenting himself online as a successful cryptocurrency trader and influencer.
The DOJ described the act as “a deliberate and sophisticated theft.” Officials stressed that cryptojacking not only costs companies financially but also threatens the security of their systems. By hiding malware on cloud servers, Parks was able to avoid detection for months until investigators eventually tracked unusual activity back to him.
During sentencing, prosecutors argued that a strong penalty was needed to send a message to others who may attempt similar crimes. Parks received a one-year prison sentence after agreeing to a plea deal. He was also ordered to pay restitution and forfeit any profits he made through the scheme.
The Justice Department said the case highlights the growing risks of cyber-enabled financial crime. “Using other people’s computing resources without authorization is theft, plain and simple,” the department noted. Authorities added that stronger vigilance by companies and stricter enforcement will be crucial as criminals increasingly turn to cryptojacking for fast profits.
Parks’s conviction shows how law enforcement is tightening its grip on crypto-related fraud, reminding the industry that online fame offers no shield from accountability.
