Stake.com Named in $1M Crypto Fraud Case Involving Ex-SCSU Basketball Player
Posted on: February 18, 2026, 07:41h.
Last updated on: February 18, 2026, 07:41h.
- Former college athlete accused of $950K crypto fraud
- Prosecutors say funds lost gambling on Stake.com
- Defendant denies charges in 21-count federal indictment
A Southern Connecticut State University (SCSU) men’s basketball player concocted a fraudulent cryptocurrency scheme that bilked investors of almost $1 million, the vast majority of which was lost on offshore crypto casino Stake.com, according to prosecutors.
Elmin Redzepagic, 24, appeared in a federal court in Hartford on Feb. 12, pleading not guilty to a 21-count indictment that accused him of running the scheme while he was still on the team.
Redzepagic played for the team from 2019 through 2023, making 31 appearances and averaging 1.7 points per game before leaving without earning a degree. The alleged fraud ran from May 2021 to March 2025. Multiple victims lost about $950,000 in total, per the indictment.
Redzepagic was charged with seven counts of wire fraud, 11 counts of international money laundering, and three counts of making false statements.
Bitcoin Promises, Gambling Losses
According to prosecutors, the athlete painted himself to prospective victims as a successful cryptocurrency investor who delivered high rates of return on Bitcoin and other digital assets.
Once investors transferred Bitcoin into wallets generated by Redzepagic, he allegedly told them they had earned “substantial profits” that couldn’t be released until additional fees (“gas fees”) were paid.
He did not invest the funds as promised, instead diverting them to Stake.com, while using some to make selective payments to keep the fraud going. Nearly all of the money was lost gambling, according to prosecutors.
Redzepagic claimed the business was led by a figure he labeled “the Chef,” who was supposedly responsible for determining payouts to investors.
Federal investigators have not been able to determine whether “the Chef” was a real person or a name cooked up by Redzepagic as part of the ruse.
Mystery Figure
When the suspect was interviewed by IRS Criminal Investigation agents in September 2023, he made multiple false statements, according to prosecutors.
He said he was no longer using an offshore gambling platform, denied knowing why a cellphone tied to the scheme had been opened in his name, and claimed a man named “Greg” had doubled investors’ money. Investigators later determined that “Greg” did not exist, according to the indictment.
Redzepagic, who has recently resided in Florida, was released on a $500K bond following his initial court appearance. If convicted, he faces up to 20 years in prison on each wire fraud and money laundering count, plus additional time on the false statement charges.
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