Pastor Eli Regalado, the founder of the failed crypto project INDXcoin, has claimed that he was following God’s orders when he set up the project and is now relying on a miracle to resolve the situation. Admitting that he and his wife took $1.3 million from investors, Regalado stated that God instructed them to spend hundreds of thousands of dollars on remodeling their home. A court hearing is scheduled for January 29 to further investigate the matter.
However, Colorado securities officials have accused Regalado of fraudulent activities rather than simply making mistakes. The Colorado Securities Commissioner, Tung Chan, filed charges against Regalado and his wife, Kaitlyn, as well as the entities they operated. The charges allege that the couple pocketed $1.3 million in crypto proceeds while leaving over 300 investors unable to recover their money.
In an unusual move, Regalado, who previously worked in digital marketing, admitted to the charges in a video message posted on the project’s website. He explained that they sold a cryptocurrency without a clear exit strategy, but believed that God would ensure investors received ten times the amount they invested. Regalado stated, “We took God at his word.”
Regalado also revealed that the couple used around $1.3 million of the more than $3 million raised for the project. Approximately $500,000 was paid to the Internal Revenue Service, while a “few hundred thousand” was spent on a home remodeling project that they believed God had instructed them to undertake.
Described as an “ordained Marketplace Minister of the Gospel of Jesus Christ” in the token’s white paper, Regalado admitted that he had no experience in the crypto industry and was unsure of what he was doing. Nevertheless, he and his wife launched the Kingdom Wealth Exchange, attracting investors who believed in their vision.
According to Colorado officials, the crypto is now considered “illiquid and practically worthless.” Commissioner Chan stated that Regalado took advantage of the trust and faith of his Christian community by selling them essentially worthless cryptocurrencies while making outlandish promises of wealth.
A hearing is scheduled for January 29 in Denver District Court to address the charges. Despite the accusations, most of the comments on the INDXcoin site are supportive of Regalado, with users quoting biblical passages and praising his handling of the situation.
Regalado acknowledged that the situation looks terrible and admitted uncertainty about what lies ahead. However, he firmly believes that “God is not done with INDXcoin.”
In conclusion, Pastor Eli Regalado and his wife are facing charges of fraud after allegedly pocketing $1.3 million from investors in their failed crypto project, INDXcoin. Regalado claims that he was following God’s orders and is now hoping for a miracle to resolve the situation. A court hearing is scheduled for January 29 to further investigate the matter.