Connecticut Man Faces 375 Years for Gambling Away Crypto Investors' Funds on Stake
Elmin Redzepagic, a 24-year-old from Connecticut, is accused of fraudulently obtaining nearly $1 million from crypto investors and losing the funds gambling at an offshore crypto casino called Stake. He allegedly posed as an experienced crypto investor and claimed affiliation with a figure known as “The Chef,” promising high returns and demanding additional payments for supposed fees. Prosecutors state that Redzepagic provided some investors with payouts to maintain the appearance of legitimacy but ultimately misappropriated most of the funds. A federal grand jury indicted him on multiple counts of wire fraud, money laundering, and making false statements to IRS criminal investigators, facing up to 375 years in prison if convicted. He pleaded not guilty and was released on $500,000 bond. According to authorities, Redzepagic's deceptive scheme continued until March 2025, even after being questioned by the IRS.
