Federal Authorities Charge Man for Misleading Investors in Stake.com Crypto Scam

A Connecticut man, Elmin Redzepagic, has been charged with multiple counts of crypto-related fraud after allegedly losing nearly $1 million of investor funds on the offshore gambling site Stake.com. Authorities say Redzepagic posed as a cryptocurrency investor offering high returns while diverting funds to the gambling platform between May 2021 and March 2025.

Federal Charges and Potential Penalties

Redzepagic faces a 21-count indictment, including three counts of making false statements to IRS Criminal Investigation agents, seven counts of wire fraud, and 11 counts of international money laundering. Wire fraud and international money laundering charges carry up to 20 years in prison per count, while IRS violations can result in five years per count.

Alleged Scheme Details

According to prosecutors, Redzepagic misled investors by claiming high returns and charging additional fake “gas fees” to withdraw supposed profits. He also referenced a team led by an individual known as “The Chef,” whose identity remains unclear. Redzepagic pleaded not guilty and was released on a $500,000 bond.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.