An American has been accused of transferring funds from cryptocurrency investors to a gambling platform., 2026/02/13 10:40:31

Elmin Redzepagic, a 24-year-old resident of Connecticut, has been charged with cryptocurrency fraud, deceiving investors out of approximately $1 million, and misappropriating client funds.

According to the prosecutor’s office, Redzepagic posed as an experienced crypto investor and promised high returns on investments in digital assets. He persuaded individuals to transfer large sums to him, claiming he would invest on their behalf. Some victims received small payouts intended to create the illusion of profit. 

However, investigators allege that instead of executing legitimate trades, the accused transferred funds to the offshore gambling platform Stake.com, where he lost a significant portion of the money. It is believed that the platform was utilized for receiving and storing investor funds, as well as for generating crypto addresses to which victims directly sent bitcoins. The scheme operated from May 2021 to March 2025. 

The prosecutor’s office also asserts that Redzepagic made false statements during questioning by the Internal Revenue Service (IRS) in September 2023. In addition to charges of fraud involving electronic communications and money laundering through cryptocurrencies, he faces further allegations of attempting to mislead tax authorities.

Redzepagic has pleaded not guilty. A federal court in Hartford released him on a $500,000 bond.

Earlier this year, a Los Angeles court sentenced Chinese national Jingliang Su to three years and ten months in prison for cryptocurrency fraud amounting to $36.9 million. Recently, the operator of the dark web platform Incognito Market received a 30-year prison sentence for drug trafficking and money laundering through cryptocurrencies.