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Eligio Regalado, an online pastor in Colorado, said he may have ”misheard” God’s instructions when starting a crypto project that lost its investors millions of dollars.
Regaldo is facing charges of civil fraud in the alleged sale of $3.2 million of a cryptocurrency called INDXcoin to 300 investors.
“The INDXcoin was illiquid and practically worthless,” said a complaint filed by Colarado’s securities commissioner. “Investors lost millions; and Defendants dissipated investor funds to support their lavish lifestyle.”
Regulators File A Formal Complaint Against The Regalados
The complaint accuses Regalado and his wife of scamming Denver’s Christian community with a counterfeit digital currency called INDXcoin.
The report revealed that the crypto was sold through the Kingdom Wealth Exchange (KWE), a broken exchange platform that it is alleged was “created, controlled and operated” by the pastor and his wife.
Regaldo claimed God told him directly that investors would become wealthy if they put money into INDXcoin.”
“Either I misheard God, and every one of you who prayed and came in,” Regaldo said. “Or two, God is still not done with this project.”
INDXCoin Was Used To Fund A Lavish Lifestyle
Regalado and his wife sold the cryptocurrency between June 2022 and April 2023. During this period they managed to rake in about $1.3 million from the sales, Regalado said. He acknowledged spending “a few hundred thousand dollars” on “a home remodel that the Lord told us to do.”
And looking at them Jesus said to them, “With people this is impossible, but with God all things are possible.” Matthew 19:26
— INDXcoin (@indxcoin) June 25, 2023
“The Lord said: I want you to build this,” Regalado said. “We took God at his word and sold a cryptocurrency with no clear exit.”
The commissioner wrote in the filing that the Regalados’ lack of knowledge of cryptocurrencies was “clear” after a third party auditor’s report highlighted several flaws in INDXcoin’s code.
The independent auditor deemed the code as “unsafe, unsecure and riddled with serious technical problems.” Despite this, the pastor marketed the crypto as a “low risk, high profit investment, ” according to the filing.
Regalado acknowledged he had no previous experience in trading cryptocurrencies, but said he was only following God’s orders.
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