Pastor Eli Regalado and his wife in the United States, has been accused of orchestrating a cryptocurrency scam that resulted in the loss of $1.3 million for investors.
Alongside with his wife, Kaitlyn, they created and sold INDXcoin, a cryptocurrency, to members of their church in Colorado. The couple allegedly misled potential investors by claiming that God had instructed them to promise wealth to those who invested in the cryptocurrency.
However, it was later revealed that INDXcoin had little to no actual value, causing significant financial losses for the investors while the Regalados lived extravagantly.
Eli admitted in a video on the INDXcoin website that they had misused the $1.3 million raised through cryptocurrency and expressed hope for divine intervention in their financial situation.
The couple managed to raise approximately $3.2 million from over 300 individuals between June 2022 and April 2023, of which at least $1.3 million was spent on personal luxury items and other expenses unrelated to the cryptocurrency project.
“The charges are that me and Kaitlyn pocketed $1.3m. I just wanted to come out and say those charges are true.
A few hundred thousand dollars went to a home remodel the Lord told us to do. We took God at his word and sold a cryptocurrency with no clear exit,” he said.
Additionally, they raised around $290,000 for their online church without experience handling cryptocurrency matters or addressing technical issues related to INDXcoin’s code.