A crypto pyramid scheme for casino games in Connecticut.

[hedgeh0g]

The problem is when someone invests without bothering to find out what they’re investing in. I don’t get it—did they just hand their money over to someone who claimed they were investing in cryptocurrencies? Without even a front company involved? Is it really that simple?

I think that, very often, many players are unwilling to dedicate even a minimal amount of time to security or to verifying the basics. This is largely because many simply want to get rich here and now especially after seeing glimpses of a lavish lifestyle on social media. Furthermore, many people prefer to shift the responsibility for their finances onto others, even if they do manage to withdraw some of their funds, they often end up reinvesting that money elsewhere into places from which it can no longer be recovered. I have reached a simple conclusion for myself: I will never rely on anyone else to make me rich, even if they promise to multiply my capital in just a week. You must rely solely on yourself and take full responsibility for your own actions.

[Futurexxx]

in my opinion it is not just digital ignorance but above all economic ignorance
because if you do the math in hand, considering the percentage of profit, you would understand yourself, doing the calculations year after year, that such a percentage is truly mathematically unsustainable

you would make the GDP of the world in 10 years, which is not normal

The actual fact is that greed added with a higher level of ignorance has a way of blinding people from the reality on ground.

 They may be aware that it is very unlikely that things like that will ever happen, but because of greed, and desperation to make quick money, they will not pay any heed to the warnings they may be getting from their instincts, that is why majority of those that falls victim to such things are people that are either ignorant or just too greedy to see what is actually happening.

[Derekfunds]

First, I know no one is above or beyond falling victim of circumstance but in this case i will say it is greed that made these people fall for this and also ignorant can be another reason. There are people who want to become rich overnight and so if they see someone with some confident and guaranting profit to them they easily fall and sometimes the ignorant of not knowing that things are not as easy and simple scammers present them will help, the earlier people realize nothing good comes so easy the better for them.

[Xackie]

There is a famous saying in our language that a scammer's business continues as long as greedy people are alive. I have seen a lot of scams there in which the scammer give people the hope that he will give good returns on there amount and because of greed the people agreed with him and give him there money and they also give returns to some people but when many people join there scheme and they collect enough money they close the scheme and ran away.

That scam scheme is not something new that we are seeing. The problem is not only with the people who deceive, but the fraud continues to exist because there are still greedy people who are quite easy to trick. Greed without intelligence is a very easy target for those scammers. Regardless of whether the funds generated from the fraud are used for gambling or other purposes, such scammers will continue to exist and their victims will continue to exist as long as there are many people who are greedy to make money in a short time.

At times we still have look at the cause of the greed among people.  If you notice, most of the people these scammers target the most are the average and middle class people that are barely surviving.  So when you sell them the idea that they can get rich quickly by putting their money into this scheme, they would be delighted.  So that joy will not make them to think twice and even try to investigate about the scammers scheme. It's hard for scammers to target a rich person but some still fall into the trap. I can say a rich person that falls into that trap are as a result of greed and lack self contentment while a average person is as a result of desperation to to become rich.

[Junii]

We all know what is written in our language and you have also explained it. The most influential thing in gambling is greed, which is given more and more and gamblers come to the casino. They use the same thing as human nature and they use all the casinos, that is why they keep playing gambling in the casino all the time. Greed kills a person in the world as well as in other things and in gambling, then playing wrongly by investing money is losing under the guise of greed. This is a very old formula which is still in today's reality. After knowing the truth, we all understand it and get stuck in it and lose our money. This is the way in which casinos force us to gamble.

You are right man. Actually the dangerous thing in gambling is when a person win a bet he/she think like they figure out the market now let's win more and make a filthy money and same applied with a loss when they loss some amount they think we have to recover this amount. I see a lot of people who traps in this loop and casino owners knows this psychology and they use it on everyone.

That scam scheme is not something new that we are seeing. The problem is not only with the people who deceive, but the fraud continues to exist because there are still greedy people who are quite easy to trick. Greed without intelligence is a very easy target for those scammers. Regardless of whether the funds generated from the fraud are used for gambling or other purposes, such scammers will continue to exist and their victims will continue to exist as long as there are many people who are greedy to make money in a short time.

Yeah it's not new we have seen a lot of people loss there money because they want good returns on there money  in short period of time and due to this they ignore the risk which benefit the scammers and also the scammers give a type of offers which those people want also one thing we have to understand that we have to change our thinking and decisions rather then just blaming the scammers.

[Davidvictorson]

Elmin Redzepagic, a 25-year-old student from Connecticut, organized a crypto Ponzi scheme that collected funds in Bitcoin and used the money to play casino games on the Stake.com platform. He promised investors that he would invest their funds in cryptocurrency and promised high percentage returns.
Elmin made large payments to some of the victims to maintain the illusion of an investment process. There are many details to this story, and you can explore them all yourself.

The story is always the same. And it goes to show that human behavior is consistent everywhere no matter you region of the world.
One would think that with all that has been going on some people would have come in contact with the many awareness campaigns on ponzi schemes but this proves that it is either they haven't or they have and just chose to ignore it..
There is truly no positives that comes out of anything like this.
In my estimation, i want to guess that people may have been targeted because it will be only people with low or no education, low income that would get caught in this type of schemes.
I hope we learn and the next victim reads this and changes their mind to make that payment or believe any bullcrap story that they have been told.

[bangjoe]

First, I know no one is above or beyond falling victim of circumstance but in this case i will say it is greed that made these people fall for this and also ignorant can be another reason. There are people who want to become rich overnight and so if they see someone with some confident and guaranting profit to them they easily fall and sometimes the ignorant of not knowing that things are not as easy and simple scammers present them will help, the earlier people realize nothing good comes so easy the better for them.

Financial world literacy is very minimal if you pay attention, and as we know in other parts of the world there are so many influencers who show their wealth that comes from cryptocurrency, trading, and the like, some people are interested in trying it but they don't know about the risks, therefore there are so many who are trapped, this is not a story, but because this fraudster provides an ideal approach for a beginner who wants to try to get into the world of investment without having a sufficient understanding of the basis, many people are trapped by the fraudster, and in other parts of the world also still believe in investment managers.

What makes it ridiculous is that this fraudster is actually gambling, not really investing, but it could make sense if what he offers is bitcoin Profit, with bitcoin gambling as a scheme for his fund activities, not trading or anything else.

[Sammysmart001]

I hope we learn and the next victim reads this and changes their mind to make that payment or believe any bullcrap story that they have been told.

This is very crazy that a 25 year old student is scamming people like this, funny enough is not even into fake trading. He just took their money straight to Stake.com to gamble it away.
He makes the scam looks so real by paying few early victims and he trap more people. This are reasons why we shouldn’t trust anyone with our  coins. Any quick promise of profit is a scam. Do well to keep your Bitcoin safe in your wallet.

[Alphakilo]

First, I know no one is above or beyond falling victim of circumstance but in this case i will say it is greed that made these people fall for this and also ignorant can be another reason. There are people who want to become rich overnight and so if they see someone with some confident and guaranting profit to them they easily fall and sometimes the ignorant of not knowing that things are not as easy and simple scammers present them will help, the earlier people realize nothing good comes so easy the better for them.

First and foremost is the fact that ignorance isn't an excuse anymore these days to fall victim of ponzi schemes because the Internet is there and other research platforms exist to checkmate the activities of such ponzi scheme managers but the lure of money, mostly where one is among those credited at the onset could be a trap that feeds the greedy and make them want more.
I keep wondering why ponzi schemes survive this days when other more meaningful ways like trading activities or accumulation of Bitcoin, is there to serve people and investors with guaranteed profit.

[Floxynice]

First, I know no one is above or beyond falling victim of circumstance but in this case i will say it is greed that made these people fall for this and also ignorant can be another reason. There are people who want to become rich overnight and so if they see someone with some confident and guaranting profit to them they easily fall and sometimes the ignorant of not knowing that things are not as easy and simple scammers present them will help, the earlier people realize nothing good comes so easy the better for them.

Yea, it is not easy for some people to get the right information, even when they try their best to ask questions to know if the whole situation is true. Everyone has some atom of greed in them, but some are lucky to find good platforms that don't scam them, while others end up getting scammed. I can say that finding the right platform is a matter of luck.

But generally, people should be careful with Ponzi schemes and pyramid schemes. They can tell that an investment is not genuine when they cannot trace exactly how the revenue is generated. Those who see these signs and still go ahead to put their money are to blame themselves for such.

[Fortify]

If you're wondering whether a crypto pyramid scheme designed for casino games could exist, I can give you a relatively recent example from early 2026.

Elmin Redzepagic, a 25-year-old student from Connecticut, organized a crypto Ponzi scheme that collected funds in Bitcoin and used the money to play casino games on the Stake.com platform. He promised investors that he would invest their funds in cryptocurrency and promised high percentage returns.
Elmin made large payments to some of the victims to maintain the illusion of an investment process. There are many details to this story, and you can explore them all yourself.

You need to learn not to mix up different terms, a pyramid scheme is not the same thing as a ponzi scheme. What's even worse is the article you quoted never mentioned either of these phrases because it wasn't. A pyramid scheme is based on your "referral line" generating money for you - that did not happen here. A ponzi scheme is kept going normally because at least some of the victims are able to withdraw some of the money, as that illusion helps to sustain the idea that it's profitable - this didn't happen either. This is straight up fraud, where he took money after claiming to have an investment plan and spent it. It's really that simple, but of course he tried to keep it going for as long as possible and lied to the people who sent him money, because when discovered it inevitably leads to jail time. You really should check your facts before putting such messy information out there.

[salad daging]

I hope we learn and the next victim reads this and changes their mind to make that payment or believe any bullcrap story that they have been told.

This is very crazy that a 25 year old student is scamming people like this, funny enough is not even into fake trading. He just took their money straight to Stake.com to gamble it away.
He makes the scam looks so real by paying few early victims and he trap more people. This are reasons why we shouldn’t trust anyone with our  coins. Any quick promise of profit is a scam. Do well to keep your Bitcoin safe in your wallet.

Fraudsters never know age. for example a 22-year-old person managed to steal $245m in bitcoin, skills that he had in improper use.
- A 22-year-old kid stole over $245 million in Bitcoin.

Fraudulent schemes are now too many, and the blame is on people who want quick profits, ponzi schemes are examples where they have sweet profits when this is just a trap.

For me is, how to carefully identify fraud, not to get mired.

[Hispo]

...

For me is, how to carefully identify fraud, not to get mired.

For me, it is just a matter of basic common sense.
Unfortunately, scammers have gotten much more intelligent when comes to catching their victims in order to steal as much money as possible.

For example, lately pyramid schemes and Ponzi schemes have used casino and bookie interfaces in order to make people believe their profits are coming from some whether, either gambling, betting or through doing some daily small tasks on the scam platform.

Here in Venezuela, because of our dire economical situation, we have seen many of those scams catching a lot of attention.

It has make me to come to the conclusion there are millions of people who have no financial education whatsoever.

[Darker45]

For me, it is just a matter of basic common sense.

I certainly agree. But, of course, we all know common sense isn't that common, especially when it comes to money and investment. People wouldn't mind being blindsided as to how their investments are actually rolled for as long as the returns keep coming. I'd even go as far as to guess the victims wouldn't even take it as a problem even if they're informed that their investments are actually used for gambling. Who'd care when the payout is on time? Until it suddenly stops.

[cryptoaddictchie]

I'd even go as far as to guess the victims wouldn't even take it as a problem even if they're informed that their investments are actually used for gambling. Who'd care when the payout is on time? Until it suddenly stops.

Thats basically true. If anyone that has a good cash flow from certain investment they dont mind anymore where those % coming from even its illegal or unhonest or informed way. Nevertheless their gonna concern whether its from casino gambling or whatever what not it from as long as their given some paycheck is good enough to be blindsided by these pyramid scheme.

[Ishicryptic]

Firstly I wonder why people can't gamble with their own money and the amount should be what they can comfortably give away because gambling wins are by luck, despite your best strategies you don't control the outcomes of the games that you play. Taking people's money to gamble is wrong and the worse is operating a ponzi scheme where an addicted gambler would use investors funds to gamble, that is degeneration and criminal.

I also wonder why people still fall for ponzi schemes, investing their hard earned money into get rich quick schemes that promises fast returns, their greed never allow them to wonder what kind of business that will be giving them such quick returns. You should know the structure of any business that you're putting your money into, if they had known that the guy was using their funds to gamble I'm sure that many of them would decline the investment offer.

[Mr_Brilliant$]

Firstly I wonder why people can't gamble with their own money and the amount should be what they can comfortably give away because gambling wins are by luck, despite your best strategies you don't control the outcomes of the games that you play. Taking people's money to gamble is wrong and the worse is operating a ponzi scheme where an addicted gambler would use investors funds to gamble, that is degeneration and criminal.

I also wonder why people still fall for ponzi schemes, investing their hard earned money into get rich quick schemes that promises fast returns, their greed never allow them to wonder what kind of business that will be giving them such quick returns. You should know the structure of any business that you're putting your money into, if they had known that the guy was using their funds to gamble I'm sure that many of them would decline the investment offer.

People do fall for Ponzi schemes very well but I won't just attribute everything to greed alone. There are other factors that can cause that.
We have trust in friend. Your friend did something and made money, he comes to tell you. And because you trust him, you fail to investigate yourself.
As the OP even mentioned the dude in question paid people to keep up the illusion. That too can make someone wants to invest.
If you check social media today you can see a lot of them claiming they have the perfect strategy, that too can be one that makes people fall prey.
People these days hardly make use of their time to educate themselves of finances and how it actually works. How many is made and what channel is passes through the most. How fraud is being conducted and how you can stay safe. No much reading as a result less knowledge of how things are being done.

[eisen33]

First, I know no one is above or beyond falling victim of circumstance but in this case i will say it is greed that made these people fall for this and also ignorant can be another reason. There are people who want to become rich overnight and so if they see someone with some confident and guaranting profit to them they easily fall and sometimes the ignorant of not knowing that things are not as easy and simple scammers present them will help, the earlier people realize nothing good comes so easy the better for them.

Easy and quick profits should always raise suspicion. If someone is offering such opportunities but has failed to demonstrate consistent results over an extended period, I don't think they should be trusted either. On the other hand, some people invest money they can afford to lose, but if someone invests most of their capital in the hope of getting rich quickly, then ignorance and greed combined will inevitably lead to losing that money.

[qwertyup23]

I think news like these are quite common given that people would take advantage of almost everything in the cryptocurrency world.

As a general rule, people should always avoid any kind of ponzi schemes no matter how they are constructed in any form. If a crypto casino offers any kind of investment with that promise of guaranteed returns in "xxx" amount of days, then you should avoid it at all cost.

Ponzi schemes are quite common. We have heard of these significantly in the past as it is quite common when cryptocurrencies are just starting in our era. Now that we know better, we should practice diligent efforts to avoid it at all cost.

[Pandu Geddon]

Easy and quick profits should always raise suspicion. If someone is offering such opportunities but has failed to demonstrate consistent results over an extended period, I don't think they should be trusted either. On the other hand, some people invest money they can afford to lose, but if someone invests most of their capital in the hope of getting rich quickly, then ignorance and greed combined will inevitably lead to losing that money.

Suspicion should exist; perhaps in the beginning they could invest a small amount to try. Because they are paying, there is trust and the thought of adding more money to the investment. Humans always have a greedy nature. That is what always causes victims in scam schemes like this. Actually, it's not because they haven't seen existing cases, it's just that the enjoyable experience of making instant money makes them even greedier.