In a 9-minute video posted on the INDXCoin website, spiritual mentor Eli Regalado acknowledged the charges brought against him by the Colorado Securities Commission. On January 18, the regulatory body accused the creators of the fraudulent INDXcoin token for its distribution and promotion.
INDXcoin was made available for trading on the Kingdom Wealth Exchange (KWE) cryptocurrency platform, which was under Regalado’s control. From mid-2022 to early 2023, more than 300 investors, predominantly members of Victorious Grace Church where Regalado served as pastor, invested a total of $3.2 million in INDXcoin. Commissioner Tung Chan disclosed that Regalado, along with his partner Kaitlin Regalado, exploited Denver’s Christian community by promising them incredible riches and then misappropriating their investments.
On November 1, Kingdom Wealth Exchange shut down due to insufficient funds to maintain its internal servers. Despite this, Regalado implored INDXcoin holders to refrain from selling their tokens and advised against chasing material wealth. Regalado did not deny the charges made by the Commission.
“The divine message instructed me to sell cryptocurrency without a clear strategy and utilize the proceeds for renovating my home. It was a directive from a higher power. We are accused of selling millions of dollars worth of cryptocurrency that the government considers worthless. We launched the platform, encountered technological glitches, and faced a decline. Consequently, we were simply waiting for a miracle,” stated the pastor.
It is worth noting that last year, the founder of the Reformed Church of Satan was convicted of engaging in illegal bitcoin transactions valued at over $3 million. Additionally, the First Presbyterian Church of Miami announced its acceptance of donations in the DOGE cryptocurrency.