‘God Led Me into Fraud’- US Pastor Admits Stealing $1.3 Million in Crypto Scheme
A pastor based in the United States is alleged to have claimed divine guidance in orchestrating a cryptocurrency scheme that involved embezzling over $1 million from his Christian community.
Eli Regalado and his wife, Kaitlyn, are accused of developing and marketing their own cryptocurrency, named “INDXcoin,” to fellow Christians in Denver, Colorado.
Purportedly, they convinced potential investors that God had assured them of wealth through their investment, as disclosed in a press release from the state’s division of securities on Thursday.
Contrary to their promises, prosecutors assert that the actual value of INDXcoin was “virtually worthless.”
While the Regalados enjoyed a luxurious lifestyle, investors suffered substantial financial losses, amounting to millions of dollars.
In a video statement addressing the charges, Eli confessed to the misappropriation of the $1.3 million funds raised through the cryptocurrency venture.
“The charges are that me and Kaitlyn pocketed $1.3m,” Regalado said in the video published to INDXcoin’s website on Friday. “I just wanted to come out and say those charges are true,” Regalado was quoted by The Guardian UK.
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Regalado continued: “A few hundred thousand dollars went to a home remodel the Lord told us to do. We took God at his word and sold a cryptocurrency with no clear exit.”
Regalado further mentioned that the couple maintains their belief in divine intervention, anticipating that God will “work a miracle in the financial sector.”
INDXcoin garnered approximately $3.2 million from over 300 individuals between June 2022 and April 2023. Of this sum, the Regalados reportedly spent at least $1.3 million, representing over half of the funds, on personal luxury items such as jewelry, an au pair, and an expensive home improvement project.
In addition to their personal expenditures, the Regalados collected at least $290,000 for their online-only church, Victorious Grace Church, despite lacking a physical location.
Despite their lack of cryptocurrency expertise, the Regalados continued to promote INDXcoin as a low-risk, high-reward solution, even in the face of serious technical issues flagged by a third-party auditor.
