Twenty-five-year-old Elmin Redzepagic admitted in a U.S. court that he had misappropriated US$1.15 million from more than ten investors in Connecticut by promising high returns in the cryptocurrency market.

The money was transferred to accounts at the Stake betting site and lost entirely on high-risk bets. The defendant is charged with international money laundering and could be sentenced to up to 65 years in prison.

The scheme lasted from May 2021 to March 2025. Redzepagic solicited funds by promising substantial profits from digital assets and, instead of making any actual investments, transferred the money directly into his Stake account. When investors tried to withdraw their money, he created fake obstacles: he made up mandatory network fees that had to be paid before withdrawals and even invented a nonexistent boss to justify delays and refusals.

Redzepagic was arrested on February 12, 2026. After confessing, he was released on $500,000 bail. Sentencing is scheduled for January 11, 2027.

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