Crypto Influencer Sentenced to One Year for $3.5 Million Cloud Mining Scam

According to a report by Jinse Finance, citing Cryptonews, crypto KOL Charles O. Parks III has been sentenced to one year and one day in prison for orchestrating a large-scale cloud computing mining scam. Between January and August 2021, Parks defrauded cloud service providers using fake company identities, illegally mining nearly $1 million worth of cryptocurrencies, including Ethereum (ETH), Litecoin (LTC), and Monero (XMR). Parks had previously pleaded guilty and was ordered to forfeit $500,000 and a Mercedes-Benz. Prosecutors stated that Parks converted his mining proceeds into cash through exchanges, NFT marketplaces, and payment processors, using the funds for luxury purchases.