"A 24-year-old man with ties to Wolcott, Connecticut, is facing federal charges after prosecutors say he ran a crypto investment scam and funneled nearly $1 million of victims' Bitcoin into online bets on the offshore gambling site Stake.com. A grand jury in New Haven returned the 21-count indictment on January 20, and authorities unsealed it this week. Federal prosecutors allege that Elmin Redzepagic promoted himself as a skilled digital asset trader and persuaded people to send him Bitcoin with promises of strong, steady returns."
"Investigators say the sales pitch centered on easy profits. Victims were told their cryptocurrency had grown in value and was ready to be withdrawn. But when they tried to cash out, Redzepagic allegedly said they first had to pay "gas fees" or other charges. In some cases, he claimed he worked with a crypto trading group led by someone known only as "The Chef," who supposedly decided when payouts would be released."
"Court records paint a different picture of where the money went. Rather than placing investors' Bitcoin into legitimate trades, prosecutors say Redzepagic transferred the funds to accounts on Stake.com, an offshore online gambling platform. Authorities allege that he used the money there to place bets. By the time the activity ended, investigators estimated the gambling resulted in a net loss of about $950,000 across multiple victims."
Elmin Redzepagic, 24, is indicted on 21 counts alleging a crypto investment fraud that funneled nearly $1 million in victims' Bitcoin into bets on offshore gambling site Stake.com. Prosecutors say he promoted himself as a skilled digital asset trader and persuaded investors to send Bitcoin with promises of steady returns, then demanded "gas fees" or other charges when victims attempted withdrawals. Court records allege funds were transferred to Stake.com accounts and used for betting, producing an estimated net loss of about $950,000 across multiple victims. Charges include wire fraud, international money laundering, and making false IRS statements.
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