In an almost unbelievable turn of events that intertwines faith with financial misconduct, Denver’s online pastor, Eli Regalado, and his wife Kaitlyn Regalado have been implicated in the INDXcoin (INDX) cryptocurrency scam run through Victorious Grace Church. Eli Regalado’s not-so-apologetic apology video for the scam went viral today for his insane claim that God told him to do it. He even said that God told him to spend the illicit profits on a home remodeling.

Their operation, involving the sale of what has been revealed as a ‘worthless’ cryptocurrency named INDXcoin, was orchestrated through their self-created ‘God-backed’ platform, Kingdom of Wealth. Not only was the coin worthless, it didn’t exist. There was never a mechanism to sell it.

This elaborate scheme successfully siphoned over $3 million from unsuspecting investors, predominantly from their online congregation at Victorious Grace Church.

Scandal Emerges: Online Pastor’s Crypto Scheme Uncovered

In a frankly psychotic nine-minute video, Eli Regalado made a startling admission, confirming the truth of the fraud allegations leveled against him. A mashup of the about 2 minutes of his craziest claims went viral on social media almost immediately.

“The charges are that Kaitlin and I pocketed $1.3 million dollars, and I just want to come out and say those charges are true.”

Remarkably, he disclosed that $1.3 million had been diverted for personal use, and in an audacious move he justified his actions as being divinely instructed, blending financial deceit with spiritual rhetoric, an aspect that makes this case especially striking in the crypto industry.

From June 2022 to April 2023, the Regalados, under the pretense of religious and financial prosperity, enticed over 300 investors, amassing nearly $3.2 million.

The INDX financial endeavor, however, deviated significantly from its purported charitable intent.

But instead, the funds were lavishly spent on personal indulgences, including high-end renovations and luxury goods, creating a stark contrast to the spiritual image they had projected to their followers. If the scam itself didn’t insult the intelligence of his followers enough, he even said that God told him to take the money out to remodel his home.

Financial Deception: The Mechanics of the INDXcoin Scam

The disintegration of the Kingdom Wealth Exchange in November 2023 signified the beginning of the unraveling of this complex scheme.

Citing financial constraints, the Regalados terminated their operations, effectively rendering the INDXcoins held by investors valueless, with no feasible path to recovery.

They failed to build any mechanism for the coin to be withdrawn and, instead of building one with the $1.3 million they took, Regalado said they were “waiting for a miracle.” Apparently, they thought the mechanism would just appear out of nowhere.

Prompted by these events, the Colorado Securities Commission took decisive legal action – this included the freezing of the Regalados’ assets and a prohibition against their sale of securities within Colorado.

This robust legal response is indicative of the serious nature of their fraudulent activities.

The Bottom Line

The unfolding of the Regalados’ INDX case serves as a crucial warning about the inherent dangers in the cryptocurrency, particularly when it becomes entangled with celebrities, influencers, and religious promises.

It underscores the susceptibility of investors who might be influenced by fame or spiritual guarantees, emphasizing the importance of vigilance and thorough research in the complex and often opaque realm of digital currencies.

This scandal not only lays bare the risks present in the crypto market but also stands as a stark example of the exploitation of faith for financial gain by bad actors such as Kaitlyn Regalado and the Victorious Grace Church.

As developments continue to emerge, this narrative serves as a powerful reminder of the delicate balance between faith, finance, and legal accountability in today’s digital era.