Pastor said God told him to fix up his house after giving followers $1.3 million worth of “worthless crypto”
The creator of INDXcoin and an online pastor from Colorado named Eli Regalado have openly acknowledged allegations of fraud.
The preacher and his business partner, Kaitlin Regalado, stole $1.3 million, according to a video confession he made while facing charges from the Colorado Securities Commission.
Regalado addresses the community in a nine-minute video uploaded on the INDXcoin website. On January 18, the pair faced charges related to their role in marketing and selling INDXcoin, a cryptocurrency that has been determined to be fake.
They also built, owned, and administered the online cryptocurrency exchange KWE, where the INDXcoin was available.
“The Colorado Securities and Exchange Commission has filed a civil suit against Katelyn and me for allegedly selling crypto worth millions of dollars that the state considers worthless.” According to Regalado, “things went downhill when they launched an exchange; the exchange failed, and people saw no exit for people who had bought. This is why they are realizing it’s useless. We have been patiently waiting on the Lord, expecting a miracle, ever since.”
Regalado reportedly took advantage of the faith community’s confidence, according to Tung Chan, the Colorado Securities Commissioner. “The lawsuit asserts that Regalado went after Denver’s Christian communities, claiming that God told him explicitly that INDXcoin investors would become rich.”
The so-called Kingdom Wealth Exchange was Regalado’s means of raising around $3.2 million from more than 300 investors between the middle of 2022 and the beginning of 2023. The bulk came from his virtual church family at Victorious Grace Church, where he is a pastor.
Regalado elaborated on the use of these funds by saying that half went toward taxes and a substantial portion went for house remodeling that God had commanded. “But out of that 1.3, half a million dollars went to the IRS and a few $100,000 went to a home remodel that the Lord told us to do.”
“When you work with open source programming, developing new currency and exchangers is a breeze. Please remember to use extreme caution before making a purchase.”
On November 1, Regalado declared financial difficulties and the lack of finances to operate the Kingdom Wealth Exchange’s internal servers as reasons to halt operations. He also sent a closure notice and a call to action to token holders, asking them to stop selling INDXcoin and giving up on wealth creation.
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