{"id":475116,"date":"2024-01-25T12:03:32","date_gmt":"2024-01-25T12:03:32","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=475116"},"modified":"2024-01-25T12:03:32","modified_gmt":"2024-01-25T12:03:32","slug":"colorado-pastor-says-he-may-have-misheard-gods-instructions-after-starting-crypto-project-that-lost-investors-millions","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/colorado-pastor-says-he-may-have-misheard-gods-instructions-after-starting-crypto-project-that-lost-investors-millions","title":{"rendered":"Colorado Pastor Says He May Have \u201cMisheard\u201d God\u2019s Instructions After Starting Crypto Project That Lost Investors Millions"},"content":{"rendered":"

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.<\/span><\/p>\n

Regaldo is facing charges of civil fraud in the alleged sale of $3.2 million of a cryptocurrency called INDXcoin to 300 investors.<\/span><\/p>\n

“The INDXcoin was illiquid and practically worthless,” said a complaint filed<\/a> by Colarado’s securities commissioner. “I<\/span>nvestors lost millions; and Defendants dissipated investor funds to support their lavish lifestyle.”<\/span><\/p>\n

Regulators File A Formal Complaint Against The Regalados<\/span><\/h2>\n

The complaint <\/span>accuses Regalado and his wife of scamming Denver’s Christian community with a counterfeit digital currency called <\/span>INDXcoin<\/span><\/a>. <\/span><\/p>\n

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.<\/span><\/p>\n

Regaldo claimed God told him directly that investors would become wealthy if they put money into INDXcoin.” <\/span><\/p>\n

“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.”<\/span><\/p>\n

\"Colorado<\/p>\n

INDXCoin Was Used To Fund A Lavish Lifestyle<\/span><\/h2>\n

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.”  <\/span><\/p>\n

\n

And looking at them Jesus said to them, “With people this is impossible, but with God all things are possible.” Matthew 19:26<\/p>\n

— INDXcoin (@indxcoin) June 25, 2023<\/a><\/p><\/blockquote>\n