Pastor Blames God for Commanding a $3.2M Crypto Scam + More Crypto News
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As Cryptonews recently reported, the US Colorado Division of Securities has filed civil fraud charges against Eligio (Eli) and Kaitlyn Regalado for alleged violations of the anti-fraud, licensing, and registration provisions of the Colorado Securities Act.
Per the press release, pastor Eli Regalado and his wife Kaitlyn created, marketed, and sold a cryptocurrency ‘INDXcoin’ to Christian community members.
INDXcoin was also offered through the Kingdom Wealth Exchange, which the duo created, controlled, and operated.
From June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 individuals.
Regalado claimed that God told him investors would become wealthy if they invested money into INDXcoin.
Following the complaint, Regalado issued a video stating that he and his wife took “god at his word.” Per the video,
“So how this whole thing started is the Lord told us in ’21 to walk away from our marketing company. And he said, “I’m going to do a new thing.” And then he took us into this cryptocurrency.”
He continued,
“Well, that cryptocurrency turned out to be a scam. And so the Lord says, “Give that to ’em, but also give them a 10X.” And I’m like, “Well, where’s this liquidity going to come from? And the Lord says, “Trust me.””
An online pastor was charged in CO for a $1.3 million crypto scam. He's released a 9-minute-long video explaining that the Lord told him to sell a cryptocurrency with no clear exit", and spend some of the proceeds on "a home remodel the Lord told us to do".
Here's a supercut. pic.twitter.com/scKpF8nyrT
— Molly White (@molly0xFFF) January
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