Colorado Pastor’s Crypto Fraud Unveiled

Colorado pastor Eli Regalado who is behind INDXcoin faces fraud charges for selling a cryptocurrency deemed “worthless.

One of the internet pastors headquartered in Colorado who has been charged with fraud for selling a cryptocurrency considered “worthless” claims that he only did it because “the Lord” instructed him to provide his followers with a return ten times more than their initial investment.

Eli Regalado, the founder of INDXcoin and a preacher admitted in a peculiar nine-minute video uploaded to the official website of INDXcoin that the allegations against him and his partner were accurate.

The Colorado Securities Commission charged the colorado Pastor and his partner, Kaitlin Regalado, with fraud on January 18 for distributing and promoting a phony cryptocurrency known as INDXcoin to their followers.

Tung Chan, the Commissioner of Securities for the state of Colorado, made the following statement:

“The charges are that Kaitlin and I pocketed $1.3 million dollars, and I just want to come out and say those charges are true.”

“We allege that Mr. Regalado took advantage of the trust and faith of his Christian community and that he peddled outlandish promises of wealth to them when he sold them coins that were essentially worthless.”

The lawsuit alleges that the colorado Pastor targeted Christian communities in Denver and claimed that God directly informed him that investors would become wealthy if they placed money into INDXcoin.

The lawsuit includes this allegation. According to the Colorado regulator, INDXcoin allegedly used the Kingdom Wealth Exchange platform to solicit over $3.2 million in funding from more than 300 investors between June 2022 and April 2023.

“A few hundred thousand dollars went to a home remodel that the Lord told us to do.”

As a pastor of Victorious Grace Church, which is an online-only congregation, Regalado was responsible for raising the majority of the funds.

The colorado Pastor stated that he sent fifty percent of the funds, which amounted to more than three million dollars raised from investors, to the Internal Revenue Service for tax purposes.

Simultaneously, supernatural intervention supported a home remodeling project, to which a substantial portion was allocated. On November 1, 2023, Regalado cited a lack of “sufficient finances to keep the internal servers running” as the reason for shutting down the Kingdom Wealth Exchange.

The colorado Pastor also stated that he and his partner were on the verge of destitution. Regalado reminded INDXcoin owners that God instructed them not to sell the token and that his followers should “stop being ruled by mammon (chasing money).” 

Regalado included this information in precisely the same message. The case that Chan filed against them claimed that the couple spent the majority of the $1.3 million on cosmetic dentistry, expensive purses, snowmobiles, house renovations, and luxury vacations.

At the same time, Chan stated that they were on the verge of falling into poverty.