Colorado Pastor Faces Fraud Charges Over $3.2M Cryptocurrency Scam

Eli Regalado admits to pocketing $1.3M from investors, claiming divine instruction for actions

Colorado-based online pastor Eligio 'Eli' Regalado and his wife Kaitlyn are facing civil fraud charges for allegedly defrauding investors of over $3.2 million through a cryptocurrency scheme.
The couple allegedly targeted the Christian community, selling a cryptocurrency they created called INDXcoin, which regulators have described as 'practically worthless'.
Regalado admitted in a video statement that the couple pocketed $1.3 million from the scheme, some of which was used for a home remodel they claim was ordained by God.
The couple had no prior experience operating a cryptocurrency exchange or creating a virtual token before launching INDXcoin.
Regalado maintains that he was following divine instruction and continues to believe that 'God is going to do a miracle' to resolve the situation.