Online Pastor Blames Divine Message for $3.2 Million Crypto Fraud
Eligio "Eli" Regalado and his wife, Kaitlyn Regalada, are facing civil charges in Denver for allegedly defrauding investors through the creation and sale of a cryptocurrency token known as INDXcoin. The couple, who led an online church, are accused of raising nearly $3.2 million from over 300 individuals between June 2022 and April 2023. The Colorado Securities Commissioner, Tung Chan, filed the charges in Denver District Court, alleging that the Regalados targeted the Christian community and claimed the funds would support charitable causes.
According to the complaint, the Regalados lacked experience in cryptocurrency but claimed they were acting under divine guidance. They operated the Kingdom Wealth Exchange, where they sold INDXcoin, which has since been deemed "essentially worthless" by state securities regulators. An audit found the coin to be "unsafe, unsecure, and riddled with serious technical problems." Investors were reportedly misled into believing that God had a direct hand in the cryptocurrency.
The couple is alleged to have used approximately $1.4 million of the invested funds for personal expenses, leading to what has been described as a "lavish lifestyle" that included home improvements, a Range Rover, luxury goods, and various recreational activities. In response to the allegations, Eli Regalado released a video statement asserting his belief that he was following divine guidance and expressed a desire to repay the investors. The defense is seeking damages on behalf of the affected investors.
