The pastor of the online church Victorious Grace Church Eli Regalado from Colorado admitted to creating a fraudulent cryptocurrency project, but explained it as "the Lord's instruction to enrich the flock."
In 2022, Regalado, along with his partner Caitlin, released the INDXcoin token and began advertising it among their followers.
According to the Colorado Securities Commission, from June 2022 to April 2023, the project raised nearly $3.2 million from more than 300 investors through the Kingdom Wealth Exchange platform.
Regalado went on to target Christian communities in Denver. He claimed that investors will become rich if they invest in INDXcoin.
According to the pastor, half of the $3.2 million went to pay taxes, and a significant amount went to renovate the house, " which the Lord ordered to be done."
Authorities found that in addition to repairs, the couple spent most of the $ 1.3 million on cosmetic dentistry, luxury bags, snowmobiles and recreation.
The Kingdom Wealth Exchange project closed in November 2023, allegedly due to "lack of finances to maintain the operation of internal servers." In the same announcement, Regalado told INDXcoin owners to refrain from selling the token "at the direction of God."
On January 18, Colorado authorities charged Regalado and Caitlin with fraud for participating in the issuance and marketing of a fictitious token.
In a video message, the pastor admitted to "pocketing $1.3 million." However, he did this, he said, only because "the Lord told him to give his followers a tenfold profit."
In 2022, Regalado, along with his partner Caitlin, released the INDXcoin token and began advertising it among their followers.
According to the Colorado Securities Commission, from June 2022 to April 2023, the project raised nearly $3.2 million from more than 300 investors through the Kingdom Wealth Exchange platform.
Regalado went on to target Christian communities in Denver. He claimed that investors will become rich if they invest in INDXcoin.
According to the pastor, half of the $3.2 million went to pay taxes, and a significant amount went to renovate the house, " which the Lord ordered to be done."
Authorities found that in addition to repairs, the couple spent most of the $ 1.3 million on cosmetic dentistry, luxury bags, snowmobiles and recreation.
The Kingdom Wealth Exchange project closed in November 2023, allegedly due to "lack of finances to maintain the operation of internal servers." In the same announcement, Regalado told INDXcoin owners to refrain from selling the token "at the direction of God."
On January 18, Colorado authorities charged Regalado and Caitlin with fraud for participating in the issuance and marketing of a fictitious token.
In a video message, the pastor admitted to "pocketing $1.3 million." However, he did this, he said, only because "the Lord told him to give his followers a tenfold profit."
