Eli Regalado, a pastor residing in the United States, has been accused of stealing $1.3 million from his church members in a cryptocurrency scam. Eli and his wife, Kaitlyn, are accused of breaking Colorado’s anti-fraud, licensing, and registration rules by creating and selling a cryptocurrency called “INDXcoin” to Christians in the state. The couple allegedly told potential investors that they would become wealthy if they invested because God had told them so. However, prosecutors claimed that INDXcoin was practically worthless, and investors lost millions of dollars as the Regalados lived a luxurious life.
In a recent video statement posted on the INDXcoin website, Eli admitted that the pair squandered $1.3 million raised through cryptocurrency. Eli mentioned that some of the money went toward a home remodel that God had told them to do. He further stated that the pair continues to hope that God would “work a miracle in the financial sector.”
INDXcoin raised around $3.2 million from over 300 individuals between June 2022 and April 2023. The Regalados spent at least $1.3 million on personal luxury items, including jewelry, an au pair, and a large home repair project. The Regalados also raised at least $290,000 for their online-only church, Victorious Grace Church, which has no physical location.
It is worth noting that the Regalados have no experience with cryptocurrency. A third-party auditor discovered major technical flaws in the INDXcoin code. Despite this, the Regalados continued to promote the cryptocurrency as a low-risk, high-reward alternative.