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OAKLAND PARK, Fla. (Gambling911.com) - A former Southern Connecticut State University (2019–2023) basketball player plead pleaded guilty to federal charges involving a cryptocurrency fraud scheme that cost ten victims approximately $1.16 million.
Elmin Redzepagic, 25, from Wolcott, Connecticut, is accused of diverting investors' cryptocurrency to the offshore gambling platform Stake.com, rather than investing it as promised. Stake.com, which is fronted by the recording artist Drake, is not regulated in the state of Connecticut. The site does not accept customers from the U.S. for real money betting accounts.
Redzepagic pleaded guilty to two counts of wire fraud, one count of international money laundering and one count of making a false statement. His sentencing is scheduled for January 11, 2027.
According to court documents and statements made in court, between approximately May 2021 and March 2025, Redzepagic held himself out to investors as a cryptocurrency investor who earned high rates of return. Once Redzepagic had victims’ initial investment, he told them they had earned a substantial profit but had to pay additional fees (“gas fees”) to withdraw it. Redzepagic claimed to work as part of a team that included someone known as “The Chef,” who supposedly led the operation and determined who, how, and when investors would receive their profits. In fact, Redzepagic did not invest victims’ funds in cryptocurrency but instead transferred the funds to Stake.com, an offshore gambling platform that Redzepagic used to receive and hold proceeds of the scheme, generate cryptocurrency addresses for victims to use to transfer Bitcoin to him, and make large “lulling” payments to victims throughout the course of the scheme.
Redzepagic lost victims’ funds gambling on Stake.com, causing a net loss of a total of $1,159,945.34 to more than 10 victims. When Redzepagic was interviewed by IRS Criminal Investigation agents in September 2023, he made several false statements.
Redzepagic was arrested on February 12, 2026. He is released on a $500,000 bond pending sentencing. Redzepagic faces up to 20 years in prison.
- Jagajeet Chiba, Gambling911.com
