Man Arrested for $3.5M Cloud Fraud to Mine $970K in Cryptocurrencies

Charles O. Parks III arrested for allegedly skipping out on $3.5M in cloud server bills that he used to mine $970K worth of crypto
Created fake corporate identities to open numerous cloud accounts and trick providers into giving him access to powerful GPU servers
Launched tens of thousands of instances to mine Ether, Litecoin, Monero; used tools to maximize computing power
Did not pay mounting bills from cloud providers, instead laundered mined crypto to fund lavish lifestyle
Faces charges of wire fraud, money laundering, etc. with max sentence of 30 years in prison