A twenty five year old man from Wolcott has admitted to orchestrating a sophisticated cryptocurrency scam that drained over one million dollars from unsuspecting investors, only to blow the proceeds on an offshore gambling website. Elmin Redzepagic appeared in a Bridgeport federal court on Monday where he pleaded guilty to multiple charges including wire fraud and international money laundering. Prosecutors say the young man spent years pretending to be a savvy trader while secretly funneling victim funds into his own betting accounts.
Between May 2021 and March 2025, Redzepagic lured more than ten people into his web by promising high returns on their investments. To add an air of legitimacy to the operation, he claimed to report to a mysterious figure known as The Chef who allegedly controlled the distribution of profits. When victims tried to cash out their supposed gains, Redzepagic told them they first needed to pay additional gas fees to release the money, effectively squeezing even more cash from those already losing everything.
In reality, there was no investment strategy or shadowy boss directing the trades. Federal investigators discovered that Redzepagic used Stake.com, an offshore gambling platform, both as a place to gamble away the stolen money and as a tool to generate crypto addresses for receiving transfers. He occasionally sent small lulling payments back to some victims just to keep them trusting him long enough for him to continue stealing. By the time the scheme collapsed, he had lost roughly 1.16 million dollars on the site.
The legal fallout for Redzepagic is potentially severe given that he also lied to IRS criminal investigation agents during interviews in late 2023. While he remains free on a 500 thousand dollar bond for now, he faces up to sixty five years in prison depending on the final ruling. His sentencing hearing is currently scheduled for January 11, 2027.