Nebraska Man Sentenced to 1-Year Prison for $3.5M Cryptojacking Scheme
Charles O. Parks III, also known as “CP3O,” was sentenced today in federal court in Brooklyn by U.S. District Judge Eric Komitee to one year and one day in prison for operating a large-scale illegal cryptojacking scheme in which he defrauded two cloud computing providers of over $3.5 million in computing resources to mine nearly $1 million in cryptocurrency.
Parks pleaded guilty to wire fraud in December 2024 and was ordered to forfeit $500,000 and a Mercedes-Benz purchased with proceeds from the scheme, with restitution to be determined later. Prosecutors charged Parks with wire fraud, money laundering, and unlawful monetary transactions, highlighting that he used multiple corporate aliases—including Multimillionaire LLC and CP3O LLC—to secure unauthorized access, then laundered the cryptocurrency through exchanges, an NFT marketplace, an online payment provider, and traditional bank accounts to fund luxury purchases.
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Wormhole token soars following tokenomics overhaul, W reserve launch
Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more