April

A man named Charles O. Parks III, also known as "CP3O," stands accused by the Brooklyn <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/" rel="noopener noreferrer nofollow">U.S.</a> Attorney's Office of defrauding two cloud computing providers out of $3.5 million to mine cryptocurrencies, including Ethereum, <a href="https://ultramining.com/en/ratings/litecoin/" rel="noopener noreferrer nofollow">Litecoin</a>, and <a href="https://ultramining.com/ratings/monero/" rel="noopener noreferrer nofollow">Monero</a>. The alleged fraud, detailed in an indictment on April 15, 2024, reports that Parks mined cryptocurrencies worth $970,000 using the resources of the two companies without payment, according to <a href="https://foresightnews.pro/news/detail/42883" rel="noopener noreferrer nofollow">Foresightnews</a>.
The indictment outlines that Parks strategically structured payments to skirt federal laws requiring reporting of transactions over $10,000. Prosecutors found that Parks made multiple transfers from cryptocurrency exchanges to bank accounts in amounts of $9,999 and less. The funds obtained were allegedly spent on luxury items, including a high-end Mercedes-Benz, jewelry, and expenses for "first-class hotels and travel."
Facing a potential combined criminal sentence of up to 50 years, Parks is scheduled to appear in federal court in Omaha on April 16.&nbsp;

Man Accused of Defrauding Cloud Providers for Crypto Mining in Multi-Million Dollar Scheme

Ultramining_Eng

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