Crypto KOL Charles O. Parks III has been sentenced to one year and one day in prison for committing a massive cloud mining scam, according to Cryptonews. Between January and August 2021, Parks defrauded Cloud as a Service provider with a false corporate identity, making nearly $1 million from illegal mining involving Ethereum (ETH), Litecoin (LTC) and Monero (XMR).
Parks pleaded guilty and was ordered to hand over $500,000 and a Mercedes-Benz. Prosecutors said Parks used exchanges, NFT marketplaces and payment processors to convert mining proceeds into cash for luxury goods.
Crypto KOL sentenced to one year in prison for $3.50 million cloud mining fraud
2025-08-18 06:29:14
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