A crypto pyramid scheme for casino games in Connecticut.

[serjent05]

The scheme is not related to casinos or gambling at all.  The person offers an investment scheme with a high return, this is the scheme.  After collecting the funds, the creator of the scheme gambles it, this is the personal decision of the scammer.  Casino has nothing to do with this because this is an independent action of the scammer and is not planned with the casino.

So I can say that this one is a typical pyramid scheme and not created to fund casino games.

[Hispo]

The scheme is not related to casinos or gambling at all.  The person offers an investment scheme with a high return, this is the scheme.  After collecting the funds, the creator of the scheme gambles it, this is the personal decision of the scammer.  Casino has nothing to do with this because this is an independent action of the scammer and is not planned with the casino.

So I can say that this one is a typical pyramid scheme and not created to fund casino games.

This is rather a ponzi, because OP did not make it clear whether that guy actually encouraged his victims to bring in more people into the scam in order to get even more yield, which is something typical of pyramid schemes.

And you are right, the casino (Stake) had nothing to do with this fraudulent scheme, it was just the engine being used by the scammer himself in order to try to get easy money in order to pocket it himself and also use it to pay to investors.

Since the guy promised their victims that the money was going to be used to invest in the market instead of gambling, it is obvious there were Ill-intentions from the very beginning.

[Outhue]

Taking money for imaginary reason to use them in gambling is no new scheme for me I think every adult in era of 90s and y2k got into such scam scheme where his work colleague, friend or neighbor promised something, grabbed money and gambled them. Time flies, same scam schemes are used, scammers only adjust them to modern world. Funny that investment is gambling in some way also, so that dude did no lie much to his investors

The problem is this never going to stops, it will keeps happening again and again as if people need to learn in a never ending cycle, who says that hackers and scammers will go hungry when university kids aren't that always smart as they seems, they trust people too easily so in every term they need to learn over again.

I have gotten to that stage in life where it's a no no to anyone who wants to come close for my money, even if it's a good opportunity I will be the one to root out the opportunity not you, because I believe that if anyone tells you about any opportunities it's because they are to gain something from it, people who sees genuine opportunities don't always want to share.

[eisen33]

The problem is this never going to stops, it will keeps happening again and again as if people need to learn in a never ending cycle, who says that hackers and scammers will go hungry when university kids aren't that always smart as they seems, they trust people too easily so in every term they need to learn over again.

I have gotten to that stage in life where it's a no no to anyone who wants to come close for my money, even if it's a good opportunity I will be the one to root out the opportunity not you, because I believe that if anyone tells you about any opportunities it's because they are to gain something from it, people who sees genuine opportunities don't always want to share.

Pyramid schemes are the oldest form of fraud, and they will always be used because there are gullible people looking for quick profits. No matter where this pyramid scheme is used investments, crypto, or casinos the essence remains the same: the pyramid requires new people to bring in money so that the structure can continue to exist. A distinctive feature of such pyramids is the promise of large profits in a short period of time.

[TopTort777]

Why this is called a pyramid scheme, when scammer was not using new victims money to repay previous victims money that he owed? He was only taking money for fake reason to gamble. If I take a loan money to buy an apple, but instead buy a banana, that is not a pyramid. Instead we have observed casual behavior of addicted gambler (homo sapiens gamblingus addititicus) - doing everything to get money for gambling. Btw in the article it is said he was involved in 11 cases of money laundering. Then what exactly he was doing with collected crypto despite gambling money away?

[Die_empty]

This is rather a ponzi, because OP did not make it clear whether that guy actually encouraged his victims to bring in more people into the scam in order to get even more yield, which is something typical of pyramid schemes.

And you are right, the casino (Stake) had nothing to do with this fraudulent scheme, it was just the engine being used by the scammer himself in order to try to get easy money in order to pocket it himself and also use it to pay to investors.

Since the guy promised their victims that the money was going to be used to invest in the market instead of gambling, it is obvious there were Ill-intentions from the very beginning.

Ponzi scheme operators usually ask victims to bring more people because this is the only way to sustai the scheme for a longer period.

Some addicts have this mindset that they can gamble, double the money, and repay loans they have collected. Maybe the person in the story felt he could use the fund from the Ponzi scheme to gamble and give the investors high profits. It turned out to be a big mistake since gambling is unpredictable terrain.

[Alex077]

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.
...

In my opinion, this story really shows just how dangerous a combination of a Ponzi scheme and gambling can be. After all, this guy wasn't just collecting money by promising high returns, he was actually using other people's Bitcoin to gamble at a casino. So investors thought they were going to make money from crypto investments, without even realizing what kind of risks their funds were actually being exposed to.

And making large payouts to early investors is a pretty typical trick used in Ponzi schemes. People see that someone is actually making money, start trusting the person running the scheme, and often bring in new investors. But those payouts don't prove at all that there's any real investment activity behind them. According to the charges, investors lost around $950,000, and the organizer used money from new investors to pay earlier ones.

It's also important to point out that these are still allegations: at the time the article was published, Redzepagic had pleaded not guilty.

[xenomorfo]

The problem is this never going to stops, it will keeps happening again and again as if people need to learn in a never ending cycle, who says that hackers and scammers will go hungry when university kids aren't that always smart as they seems, they trust people too easily so in every term they need to learn over again.

I have gotten to that stage in life where it's a no no to anyone who wants to come close for my money, even if it's a good opportunity I will be the one to root out the opportunity not you, because I believe that if anyone tells you about any opportunities it's because they are to gain something from it, people who sees genuine opportunities don't always want to share.

Unfortunately i believe this is inherent in human nature, we cannot fight what we are.
We all have the hope of improving our way of life, even if we are already well.
We always look, fortunately in some ways, at those who are better off than us and not at those who are worse off.

[bastisisca]

In this digital space, ignorance is way more expensive than what you can ever imagined, because these scammers, fraudsters or hackers thrive when their victim is ignorant or has less knowledgeable on how they operate.

Another thing that makes even the experience crypto enthusiastic falls victim to things like this is greed, because once anyone comes with a proposal that is just too good, their greed will not let them think, they will just jump into it, and when they have fell victim to it, they starts looking at who or where to push the blame on, but until some of these people learn the hard way, they will not learn their lesson.

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

[Junii]

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.

[TheUltraElite]

Unfortunately i believe this is inherent in human nature, we cannot fight what we are.

We can fight it. It is just a temptation to put money in a place where you have a risk of losing it against chance of doubling it. Risk taking is in human nature but the choice is always there to do or not to do.

We all have the hope of improving our way of life, even if we are already well.
We always look, fortunately in some ways, at those who are better off than us and not at those who are worse off.

The better method to improving life is to earn a better living, educate yourself to learn new skills and increase your own work repertoire and not trying out your luck. Because people want to "get-rich-quick" they end up getting poor quickly.

If they would avoid such methods, they will not lose money at an instant.

[Ojima-ojo]

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.

https://www.ctinsider.com/news/article/ct-crypto-fraud-elmin-redzepagic-wolcott-scsu-21352180.php


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.

This can just be based on speculation because we can relate how promised investment to pay in Bitcoin and the scammers on the other end use the money to gamble in an online casinos, I don't see how this case can be call crypto pyramid scheme for casino, as much as that could be seen as the obvious statement from a scammer who is caught and in Court.


Lately a lot of scammers that run such investments scams blame it on gambling being the main taker of the scam money, because they know that is an indirect means to say look the funds is not with me but have gambled it away, let see if the police can recover some of the investors money from the scammers.

[L E G E N D A R Y]

You see the most dangerous part of these schemes is that early payouts can actually make people have the mindset that the business is actually genuine, which would encourage them to put in even more money. And by the time that payment stops, those who put in their money may have already lost their savings. Simply a scheme is using Bitcoin doesn’t automatically make it legitimate, it’s still very much crucial for people to question where the promised returns are coming from and whether there are actually any real investments that are backing it.

[Abdul Sami786]

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.

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.

[cryptoaddictchie]

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.

Its almost the same and exist in every country. In our place its called HYIP and many of our country men become a victim of this kind of pyramid scheme. They always say that the funds are being invested on some stocks or bitcoin or forex, but the truth is they using the money for their gambling casino addictions. Its almost believable cause they really make some payments for their premium plans which was definiitely promised when they joined.

Especially the referral part if you recruit a lot of new members. They will do this until many believe and looks like its legit then will exit at the time they are gonna leave it all behind. Actually its pretty common scheme.

[avp2306]

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.

https://www.ctinsider.com/news/article/ct-crypto-fraud-elmin-redzepagic-wolcott-scsu-21352180.php


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.

Crazy to know how people fall from that scheme.

Imagine they trust so much on a young dude, then they let this dude use their money for gambling. Totally crazy, I thought this situation will not exist, but I think those people fall from schemes operated by that person is so noob.

If those investor just do their own diligence, maybe they realize its a total bullshit to trust that this person can consistently win on Stake. Because in real time there's nothing like that exist. That dude just fool those people to stole their money.

[Awaklara]

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.

[Hispo]

This is rather a ponzi, because OP did not make it clear whether that guy actually encouraged his victims to bring in more people into the scam in order to get even more yield, which is something typical of pyramid schemes.

And you are right, the casino (Stake) had nothing to do with this fraudulent scheme, it was just the engine being used by the scammer himself in order to try to get easy money in order to pocket it himself and also use it to pay to investors.

Since the guy promised their victims that the money was going to be used to invest in the market instead of gambling, it is obvious there were Ill-intentions from the very beginning.

Ponzi scheme operators usually ask victims to bring more people because this is the only way to sustai the scheme for a longer period.

Some addicts have this mindset that they can gamble, double the money, and repay loans they have collected. Maybe the person in the story felt he could use the fund from the Ponzi scheme to gamble and give the investors high profits. It turned out to be a big mistake since gambling is unpredictable terrain.

Well, people who have been much time in this market and aware of the different scams which are out there make a distinction between Pyramid schemes and Ponzi schemes.

In pyramid schemes there is much more emphasis in brining more people into the investment, so it can sustain itself more through time, on the other hand, that is rather optional in Ponzi schemes.

Just take a look at the case of Bernie Madoff, he did not encourage people to join into his scheme, he actually kept operating his ponzi through years with people he allowed to invest in his "business".

[Pikiboy]

To me what I observed over this action is addiction because there is no length that human wouldn't to make sure they secure money for gambling. When an addicted person get hooked he may diversed a way to make sure he fuel his gambling habits because if they don't gambling at that time they would feel as if they are missing something very special, hence developing a site where he would extorts people was the next alternative as most people out there believe once a platform is paying they are worth investing without at least considering the risk that is associated with the site they are making their investments.

[r_victory]

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?