According to Deep Tide TechFlow news, on August 18, as reported by Cryptonews, cryptocurrency KOL Charles O. Parks III was sentenced to one year and one day in prison for implementing a large-scale cloud computing mining fraud case. From January to August 2021, Parks defrauded cloud service providers under a false company identity, illegally mining and profiting nearly 1 million dollars, involving Ethereum (ETH), Litecoin (LTC), and Monero (XMR).

Previously, Parks had pleaded guilty and was ordered to forfeit 500,000 dollars and a Mercedes-Benz car. The prosecution stated that Parks converted the mining proceeds into cash through exchanges, NFT markets, and payment processors for luxury consumption.