Pastor Couple Charged with Fraud for 'Worthless' Cryptocurrency Scheme

Eli and Kaitlyn Regalado allegedly raised $3.2 million from Christian community, used funds for luxury lifestyle.

Eli and Kaitlyn Regalado, a pastor couple from Denver, Colorado, have been charged with fraud for creating and selling a 'worthless' cryptocurrency, INDXcoin, to members of the Christian community.
The couple allegedly raised nearly $3.2 million from over 300 individuals between June 2022 and April 2023, using the funds to support their 'lavish lifestyle' including luxury purchases and a home remodel.
Eli Regalado admitted in a video statement that the charges were true, claiming that 'the Lord told us to do' the home remodel and that he expects God to 'work a miracle in the financial sector'.
The Regalados had no experience in cryptocurrency and a third-party auditor's report described their INDXcoin code as 'unsafe, unsecure and riddled with serious technical problems'.
The couple is scheduled to appear in Denver state court in the coming days.