A Colorado pastor and his wife, Eli and Kaitlyn Regalado, are facing charges for allegedly orchestrating a cryptocurrency scam that defrauded their Christian community of over $1 million.
The couple allegedly created and sold their cryptocurrency, named INDXcoin, to unsuspecting investors in Denver, Colorado, claiming divine guidance from the Lord for financial prosperity.
“The charges are that me and Kaitlyn pocketed $1.3m,” Pastor Regalado confessed in a video published on the INDXcoin’s website platform. “I just wanted to come out and say those charges are true …”
Then Regalado added that, “A few hundred thousand dollars went to a home remodel the Lord told us to do.”
The state’s division of securities revealed that the Regalados assured potential investors that God had instructed them to launch the cryptocurrency, promising substantial returns. However, prosecutors assert that INDXcoin was “practically worthless” in reality, resulting in substantial financial losses for more than 300 individuals between June 2022 and April 2023.