The Feds Claim “Cryptojacking” Stole $3.5 Million From Cloud Companies To Generate Cryptocurrency

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The “cryptojacking” scam, according to the prosecution, mined cryptocurrency worth close to $1 million by stealing cloud computer resources. After he reportedly conned two cloud computing companies to conduct a “large-scale illegal ‘crypto-jacking’ operation,” US authorities have charged a man with wire fraud and money laundering. If found guilty, the guy could spend up to 50 years in jail. Charles O. Parks III, also known as “CP3O,” is accused by the Brooklyn U.S. Attorney’s Office on April 15 of defrauding the two businesses of $3.5 million to mine $970,000 worth of cryptocurrencies, including Ether (ETH) tickers down $3,045, Litecoin (LTC) tickers down $77.10, and Monero (XMR) tickers down $123. using the resources of the two firms without paying. 

Unauthorized Mining Means Engaging In Cryptojacking

When someone mines cryptocurrency without authorization, they are engaging in cryptojacking. Resources like energy or processing power are used. Malware may infiltrate software to mine cryptocurrency, which uses a tiny amount of resources on a network of connected machines.

Parks was accused of wire fraud, money laundering, and participating in illegal financial activities after his arrest in Nebraska on April 13. He is scheduled to appear before an Omaha federal court on April 16 and faces a combined maximum sentence of 50 years in prison.