ALBAWABA - Eligio Regalado, a Colorado-based online pastor, and his wife Kaitlyn Regalado are facing a legal complaint filed by Securities Commissioner, Tung Chan, after being accused of amassing $3.2 million from a “worthless” Cryptocurrency scam directed at the Christian community in Denver, dubbed INDXcoin, via a Regalado owned and managed crypto exchange called the Kingdom Wealth Exchange.
The complaint states that the Regalados lacked any experience in the crypto field, marketing INDXcoin, a token with no liquidity, safety, or real-world practical use. Mr Chan argues that the couple targeted Denver’s Christians and stole $1.3 million, to fund their “lavish lifestyle” described by owning high-end Range Rovers, luxury premium clothing, boat rentals and snowmobile trips. It also states how unlike other established cryptocurrencies, INDXcoin buyers have no way to withdraw or cash out their funds.
The pastor went to his own platform to address the situation by admitting to the alleged scam right away, saying “I just wanted to come out and say those charges are true”, explaining that he had a divine word from God ordering him to create it, he blamed the inability to withdraw funds on a technological failure saying “we've just been waiting on the Lord literally for a miracle”. Eli Regalado added that he either misinterpreted God’s orders or that the lord still wants this project to continue, hoping for a big revelation out of it.
An online pastor was charged in CO for a $1.3 million crypto scam. He's released a 9-minute-long video explaining that the Lord told him to sell a cryptocurrency with no clear exit", and spend some of the proceeds on "a home remodel the Lord told us to do".
Here's a supercut. pic.twitter.com/scKpF8nyrT— Molly White (@molly0xFFF) January 21, 2024
However, the issues with INDXcoin have been around for a few months apparently, as Eli made a post back in Nov. 2023 to address the exchange network going offline, saying that it has been badly affecting his mental health, asking the community to calm down and not pursue profits over their investments, hoping they would take out the negative talks spreading around him.
The Denver Post has reported earlier that Regalado called for his followers to stick to his plan, that he would take them to the “Gospel Truth” while remodelling a home because he was told so by the Lord as well as sending $290,000 to his Victorious Grace church, a non-profit with no physical location that he owns.
Kingdom Wealth Exchange has shut down after the legal accusation, with State Investigators only discovering $30,000 in funds compared to what should be $300 million, as there was 30 million INDXcoins in circulation selling for at least $10. The Regalado couple is facing Civil Fraud charges due to violating the state’s anti-fraud, licensing and registration laws, with Tung Chan alleging that Eli preyed on his Christian followers’ trust, selling them an unbased promise of fortune.
