Federal authorities have charged Elmin Redzepagic, 24, of Wolcott, Connecticut, in connection with an alleged cryptocurrency fraud scheme that caused approximately $950,000 to $1 million in losses to multiple victims.
The indictment outlines a multi-year scheme in which Redzepagic allegedly misrepresented himself as a successful high-return crypto investor.
How the Scheme Allegedly Worked
Between May 2021 and March 2025, prosecutors say Redzepagic solicited funds, primarily in Bitcoin, from individuals who believed their money would be professionally invested.
According to the indictment:
- He claimed investors had earned substantial profits but required additional “gas fees” to withdraw funds.
- He told victims he was part of a trading team led by someone known as “The Chef,” who supposedly managed distributions.
- Instead of investing the capital, authorities allege he transferred much of it to Stake.com, an offshore gambling platform.
Prosecutors say the majority of the funds were lost through gambling activity.
To maintain credibility, Redzepagic allegedly made occasional small “lulling payments” to investors, reinforcing the illusion that their accounts were growing.
Federal Charges
A federal grand jury in New Haven returned a 21-count indictment, including:
- 7 counts of wire fraud (up to 20 years per count)
- 11 counts of international money laundering (up to 20 years per count)
- 3 counts of making false statements to IRS Criminal Investigation agents in September 2023 (up to 5 years per count)
Redzepagic, who has recently resided in Florida, appeared in federal court in Hartford on February 12, 2026, where he pleaded not guilty to all charges. He was released on a $500,000 bond pending further proceedings.
