Pastor Creates Crypto Scheme INDXcoin and Claims $1.3 Million Was "God's Will"

In a shocking revelation, Pastor Eli Regalado, the mastermind behind the cryptocurrency project INDXcoin, has confessed to committing fraud by misappropriating $1.3 million to fund the renovation of his own home. Regalado, who serves as a spiritual mentor, posted a 9-minute video on the INDXcoin website, acknowledging the allegations made by the Colorado Securities Commission. On January 18, the regulator accused the founders of the cryptocurrency scheme of promoting and distributing the fraudulent token, INDXcoin.

INDXcoin was listed on the Kingdom Wealth Exchange (KWE) cryptocurrency platform, which was also under Regalado's control. Between mid-2022 and early 2023, over $3.2 million was invested in INDXcoin by more than 300 investors, the majority of whom were members of the Victorious Grace Church, where Regalado serves as a pastor. Commissioner Tung Chan stated that Regalado took advantage of the trust of the Denver Christian community, promising them "golden opportunities," while pocketing the funds along with his partner, Kaitlin Regalado.

On November 1, Kingdom Wealth Exchange ceased operations due to a lack of funds to maintain its internal servers. However, Regalado urged INDXcoin holders not to sell their tokens and not to chase after wealth. The pastor did not deny the allegations made by the Commission.

Regalado defended his actions by claiming, "The Lord commanded me to sell cryptocurrency without any clear strategy and to spend part of the proceeds on renovating my home. It was a message from a Higher Power. We are being accused of selling cryptocurrency worth millions that the state considers worthless. We launched the platform, the technology failed, and things went downhill. So, we were just waiting for a miracle," said the clergyman.

This case highlights the risks associated with cryptocurrency investments and the need for caution, even when investments are seemingly endorsed by trusted individuals.