Connecticut Man Pleads Guilty in $5.7B Crypto Fraud Scheme Involving Offshore Gambling
A Connecticut resident has admitted to laundering cryptocurrency tied to a massive fraud scheme linked to an offshore gambling platform.
A Connecticut resident has admitted to laundering cryptocurrency tied to a massive fraud scheme linked to an offshore gambling platform. Bitcoin (BTC) is trading at ₹77,22,927 ($81,643.00), down 1.0% since this brief published. This is an original Token Times brief synthesising 2 outlets (The Daily Hodl, CoinDesk), plus live market data, as of Thu, 22 Oct 2026 14:15:01 UTC.
This case highlights the growing use of cryptocurrencies in large-scale transnational crime, with significant legal and financial implications for the crypto industry and its regulation.
- Elmin Redzepagic pleaded guilty to wire fraud and international money laundering charges.
- The scheme involved over $5.7 billion in cryptocurrency transfers to an offshore gambling site.
- Chinese authorities are seeking to seize over 61,800 Bitcoin related to the case.
Multiple outlets, including The Daily Hodl and CoinDesk, confirm that Elmin Redzepagic pleaded guilty to charges related to a cryptocurrency fraud scheme involving an offshore gambling platform. The scheme's value is reported as $5.7 billion by CoinDesk, though The Daily Hodl does not specify the amount. CoinDesk also reports that Chinese prosecutors are attempting to seize over 61,800 Bitcoin, while The Daily Hodl does not mention this detail. Both outlets agree on the involvement of international money laundering and the connection to an offshore gambling operation.
A Connecticut man, Elmin Redzepagic, has pleaded guilty to charges related to a cryptocurrency fraud scheme that involved laundering funds through an offshore gambling platform. The case was heard before U.S. District Judge Kari A. Dooley in Bridgeport, where Redzepagic admitted to two counts of wire fraud and one count of international money laundering.
According to CoinDesk, the scheme's value is estimated at $5.7 billion, and Chinese prosecutors are seeking to confiscate more than 61,800 
Bitcoin tied to the case. This development comes shortly after a U.K. court ruled that Chinese law governs the victims' claims to the Bitcoin.
The case underscores the increasing use of cryptocurrencies in transnational crime and the challenges faced by authorities in tracking and seizing digital assets across jurisdictions. The involvement of an offshore gambling site further complicates the investigation, as it involves multiple international legal frameworks.
The total cryptocurrency market cap currently stands at $2.83 trillion, with Bitcoin trading at $82,438, down 0.35% in the last 24 hours but up 2.39% over the past week. The overall market remains relatively flat, with the Fear & Greed Index at 68, indicating a state of 'Greed' among investors.
This case is a significant reminder of the regulatory and legal challenges that come with the growing adoption of cryptocurrencies. As authorities become more adept at tracing digital transactions, we can expect more cases of large-scale seizures and prosecutions. The outcome of this case and the legal precedents it sets will be closely watched by the crypto industry and regulators worldwide.
Since this brief published about 45 hours ago, Bitcoin (BTC) has moved from ₹77,98,129.54$82,438.00 to ₹77,22,927.41$81,643.00 — -0.96%.
The chart plots BTC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 BTC ≈ ₹8.53M (about $81,643.00), down 2.6% over 24 hours. The rupee itself trades about 10.5% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Connecticut Man Pleads Guilty in $5.7B Crypto Fraud Scheme I — questions & answers
What charges did Elmin Redzepagic plead guilty to?
Redzepagic pleaded guilty to two counts of wire fraud and one count of international money laundering.
How much is the fraud scheme estimated to be worth?
The scheme is estimated to be worth $5.7 billion.
What is the status of the Bitcoin seizure?
Chinese prosecutors are seeking to confiscate over 61,800 Bitcoin related to the case.
How much is 1 Bitcoin worth in rupee today?
About ₹8.53M at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $81,643.00. The rupee price moves with both BTC's US-dollar price and the USDT/INR rate; use our Bitcoin in rupee page for any amount.
Has Bitcoin's price moved since this brief was published?
BTC is down 0.96% since this brief first published — trading at ₹77,22,927 ($81,643.00) now versus ₹77,98,130 ($82,438.00) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from The Daily Hodl, CoinDesk, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.