Eli Regalado, a pastor in the United States, and his wife, Kaitlyn, are facing accusations of orchestrating a cryptocurrency scam. The couple allegedly created and sold a cryptocurrency called “INDXcoin” to members of their church, claiming that God had guided them to do so, promising financial prosperity for investors. However, prosecutors assert that the cryptocurrency was virtually worthless, resulting in significant financial losses for those who invested.
The Colorado securities office issued a press statement accusing the Regalados of violating the state’s anti-fraud, licensing, and registration regulations. The couple reportedly spent a substantial portion of the funds raised through INDXcoin on personal luxury items, including jewelry, home repairs, and an au pair.
Eli Regalado, in a video statement on the INDXcoin website, admitted to the charges, acknowledging that they had pocketed $1.3 million from the cryptocurrency scheme. The Regalados raised approximately $3.2 million from over 300 individuals, with a significant portion earmarked for personal expenses.
Despite facing legal challenges, the Regalados expressed hope that God would intervene and work a miracle in the financial sector. The case highlights the risks associated with fraudulent cryptocurrency schemes and the exploitation of religious beliefs for personal gain.