Connecticut Man Admits Gambling Away $1.16M in Crypto Fraud

A 25-year-old Connecticut man has pleaded guilty to federal fraud and money laundering charges after using money entrusted to him for cryptocurrency investments to gamble on offshore platform Stake.com, causing losses of more than $1.16 million. Elmin Redzepagic, of Wolcott, entered his plea on October 19 before U.S. District Judge Kari A. Dooley in Bridgeport. The former Southern Connecticut State University basketball player admitted participating in a scheme that defrauded more than 10 victims between May 2021 and March 2025.