TLDR Former Southern Connecticut State University basketball player Elmin Redzepagic pleaded guilty to federal fraud and money laundering charges. More than 10 victims lost a combined $1,159,945 after he diverted their crypto investments to offshore casino Stake.com. He claimed a mysterious figure called “The Chef” controlled investor payouts and charged fake “gas fees” for withdrawals. He also admitted lying to IRS agents, including inventing a man named “Greg” who supposedly doubled investors’ money. Redzepagic remains free on a $500,000 bond, with sentencing set for January 11, 2027.
A former college basketball player has pleaded guilty to federal charges after gambling away more than $1.16 million that investors gave him to trade cryptocurrency. He used the money on the offshore casino Stake.com.
Elmin Redzepagic, 25, of Wolcott, Connecticut, entered his plea on Monday before US District Judge Kari A. Dooley in Bridgeport. The US Attorney’s Office for the District of Connecticut announced the plea.
Redzepagic admitted that he moved investor funds into Stake. More than 10 victims lost a combined $1,159,945.
When he was indicted in February, he denied any wrongdoing. At that time, prosecutors put the losses at about $950,000.
How the Crypto Scheme Worked
Between May 2021 and March 2025, Redzepagic presented himself as a successful cryptocurrency investor. He told people he could earn strong returns by trading digital assets.
He said he was part of an investment group run by a figure called “The Chef.” According to Redzepagic, this person decided how profits were split and which investors got paid. It is unclear whether The Chef ever existed.
After victims handed over money, he told them their investments had grown. Before they could withdraw, he said they had to pay extra charges he called “gas fees.”
Gas fees are real transaction costs on crypto networks.