Eli Regalado, a pastor in the US, claims that God gave him the idea to earn more than $1.3 million from his Christian community through a cryptocurrency scheme.
After creating and offering for sale their cryptocurrency, “INDXcoin,” to Christians in the state, Eli and his wife, Kaitlyn, are charged with breaking antifraud, licensing, and registration laws in Colorado.
A recent news statement from the state’s division of utilities claims that the aforementioned couple informed prospective investors that the Lord had promised them people would become wealthy if they invested.
Prosecutors countered that INDXcoin was actually “practically worthless.” Reporters cried out that the Regalados enjoyed lavish lifestyles while millions of dollars were lost by investors.
Eli said in a video statement that was uploaded to the INDXcoin website that the two wasted the $1.3 million that was raised via cryptocurrencies. “It is alleged that Kaitlyn and I lived extravagantly, spending $1.3 million, he exclaimed clearly.
He narrated, “I just record and declare that those accusations are true.”
At least $1.3 million—more than half—was wasted by the Regalados on lavish personal purchases like jewelry, an au pair, and pricey home remodeling.
Despite Victorious Grace Church being an online-only church without a physical facility, the Regalados managed to raise at least $290,000 for it.
However, the INDXcoin code was found to have major technical problems by a third-party auditor as well, yet the Regalados persisted in endorsing the cryptocurrency as a low-risk, high-reward option.
