A 24-year-old man with ties to Wolcott, Connecticut, is facing federal charges after prosecutors say he ran a crypto investment scam and funneled nearly $1 million of victims’ Bitcoin into online bets on the offshore gambling site Stake.com. A grand jury in New Haven returned the 21-count indictment on January 20, and authorities unsealed it this week. Federal prosecutors allege that Elmin Redzepagic promoted himself as a skilled digital asset trader and persuaded people to send him Bitcoin with promises of strong, steady returns. Wolcott Man Indicted for Cryptocurrency Fraud Scheme @IRS_CI https://t.co/F5Uc8bLkDY — U.S. Attorney CT (@USAO_CT) February 12, 2026 Investigators say the sales pitch centered on easy profits. Victims were told their cryptocurrency had grown in value and was ready to be withdrawn. But when they tried to cash out, Redzepagic allegedly said they first had to pay “gas fees” or other charges. In some cases, he claimed he worked with a crypto trading group led by someone known only as “The Chef,” who supposedly decided when payouts would be released. How the …