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U.S. DOJ Sentences Cryptocurrency Fraudster in $3.5M Cloud Mining Scheme
U.S. DOJ Sentences Cryptocurrency Fraudster in $3.5M Cloud Mining Scheme
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BTCCSquare news:
The U.S. Department of Justice has sentenced Charles O. Parks, alias CP3O, to one year and one day in prison for orchestrating a fraudulent cryptocurrency mining operation. Parks defrauded two major cloud computing providers of over $3.5 million in resources, mining approximately $1 million in cryptocurrency. The case underscores the persistent risks of fraud in the digital asset space despite regulatory scrutiny.
Parks pleaded guilty to wire fraud in December 2024 and was ordered to forfeit $500,000. The DOJ's prosecution highlights ongoing efforts to combat crypto-related crimes, even as the industry gains mainstream traction. Investors are reminded to exercise caution with cloud-based mining offers and verify infrastructure providers.
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