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A Colorado pastor and his wife face scrutiny for allegedly defrauding their Christian community of millions through the sale of a cryptocurrency
The couple raised $3.2 million by selling INDX, but civil charges followed reports to the Colorado Division of Securities after buyers lost access to the allegedly “essentially worthless” coins
Pastor Eligo Regalado claims he sold the coins after receiving a divine blessing, as regulators pursue civil charges against the couple for the cryptocurrency scam
A Colorado pastor and his wife are under scrutiny for purportedly defrauding members of their Christian community out of millions through the sale of a cryptocurrency…and the pastor has blamed God. By selling the INDX cryptocurrency, associated with the INDXcoin project, the couple raised $3.2 million, but the pair were reported to the Colorado Division of Securities after buyers could no longer access the coins last year. The coins were described as “essentially worthless” by regulators, leading to civil charges against the pair, with Pastor Eligo Regalado telling officials that he sold the coins after receiving a blessing from God.
God Told Me To Do It
INDXcoin was branded as “Your Digital Pass To A Vibrant Community & Exclusive Content Designed To Help You Create Wealth, Discover Your Purpose & Build The Life You Long For,” which is quite a claim, and one that didn’t have the remotest chance of coming true.
Regalado and his wife, Kaitlyn, launched INDXcoin and began selling its INDX cryptocurrency in June 2022 after Pastor Regalado “took God at His word and sold a cryptocurrency with no clear exit,” adding when speaking to officials that he believed in God’s provision for the project.
The pair racked up $3.2 million in sales of INDX through to April 2023, with the sales conducted through their cryptocurrency exchange, Kingdom Wealth Exchange, with the coin described by Colorado Securities Commissioner Tung Chan as “illiquid and practically worthless”.
Kingdom Wealth Exchange, the only place where INDX could be bought and sold, was abruptly shut down on November 1, leading to the Colorado Division of Securities becoming involved.
Pastor “Took Advantage” of His Followers
In a statement, Commissioner Chan expressed concern over the exploitation of trust within the Christian community, saying, “Mr. Regalado took advantage of the trust and faith of his own Christian community and peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies.”
In a nine-minute video response, Regalado acknowledged the $1.3 million made from investors, attributing the venture to divine guidance. Regalado expressed a determination to address the charges in court, declaring, “God is not done with this project; God is not done with INDXcoin.”
The Colorado Securities Commissioner noted that the Regalados lacked prior experience in operating a cryptocurrency exchange or creating virtual tokens, which doesn’t seem to have dampened his enthusiasm nor that of his congregation, who will quite rightly be seeking divine refunds.
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