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Alleged Cryptojacking Scheme Consumed $3.5 Million of Stolen Computing To Make Just $1 Million
Tuesday April 16, 2024. 03:00 PM , from Slashdot
Details laid out in the indictment underscore the failed economics involved in the mining of most cryptocurrencies. The $3.5 million of computing resources yielded roughly $1 million worth of cryptocurrency. In the process, massive amounts of energy were consumed. Prosecutors didn't say precisely how Parks was able to trick the providers into giving him elevated services, deferring unpaid payments, or failing to discover the allegedly fraudulent behavior. They also didn't identify either of the cloud providers by name. Based on the details, however, they are almost certainly Amazon Web Services and Microsoft Azure. If convicted on all charges, Parks faces as much as 30 years in prison. Read more of this story at Slashdot.
https://slashdot.org/story/24/04/16/0050253/alleged-cryptojacking-scheme-consumed-35-million-of-stol...
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