New England man charged in alleged crypto fraud after losing nearly $1 million on gambling site

Elmin Redzepagic, a man from Connecticut, has been indicted on 21 counts, including wire fraud, international money laundering, and making false statements to the IRS, related to an alleged cryptocurrency fraud scheme. The U.S. Justice Department stated that Redzepagic posed as an expert crypto investor, gaining investor trust to secure funds, which he then reportedly lost, totaling nearly $1 million, on the offshore gambling platform Stake.com between May 2021 and March 2025. The charges carry potential prison sentences of up to 20 years per count for wire fraud and money laundering. Redzepagic allegedly claimed to work with a ringleader known as "The Chef" and falsely demanded additional "gas fees" from investors to withdraw nonexistent gains. He pleaded not guilty on Thursday and was released on a $500,000 bond.

(Source：The Block)