Crypto Pastor's Divine Deception: $3.2 Million Scam Unveiled as 'God's Plan' Takes a Cryptic Turn
Jan 24, 2024
An online pastor in the United States, Eligio Regalado, and his wife, Kaitlyn Regalado, are facing civil fraud charges for allegedly raising $3.2 million by selling a cryptocurrency called INDXcoin, which regulators have deemed "practically worthless." They marketed the tokens to Colorado's Christian community from June 2022 to April 2023 through their cryptocurrency exchange, Kingdom Wealth Exchange. Colorado Securities Commissioner Tung Chan accused the couple of taking advantage of their Christian community's trust and faith, making extravagant promises of wealth. Regalado admitted to making $1.3 million from investors in a video message and claimed that he was divinely instructed to undertake the INDXcoin project. However, investors were unable to convert the cryptocurrency into cash due to technical issues with the exchange. The couple had no prior experience in cryptocurrency operations, and authorities have urged consumers to be cautious about such ventures.