The pastor and his wife allegedly used their status to promote the sale of INDXcoin
Eli Regalado, an online pastor from Denver, Colorado, and his wife, Kaitlyn, have been indicted on charges related to a cryptocurrency scam that defrauded investors out of nearly $3.4 million. The couple was charged with 40 counts, including fraud, for allegedly using their religious platform to promote the sale of a cryptocurrency called INDXcoin. The indictment was announced by Denver District Attorney John Walsh, who described the scheme as a “multi-million-dollar cryptocurrency scam.”
Between January 2022 and July 2023, the Regalados reportedly targeted their religious community, encouraging followers to invest in INDXcoin through a platform they created called Kingdom Wealth Exchange. At least 300 people were convinced to purchase the digital token, which authorities later revealed had no actual value, resulting in the total loss of funds for the investors.
The Regalados allegedly used a significant portion of the funds for personal expenses, including a home renovation, which they justified by claiming “the Lord” had instructed them to do so. Investigators found that only a small fraction of the money raised was allocated to the business itself.
This indictment follows a similar set of charges filed in January 2023, where the Regalados were accused of fraud for promoting the INDXcoin scheme. At that time, Colorado Securities Commissioner Tung Chan stated that the couple had exploited the trust of their Christian community by making false promises of wealth and financial gain from the cryptocurrency investment. Regalado even claimed that God had directly told him that the investors would become rich if they purchased INDXcoin.
The case highlights the growing issue of cryptocurrency scams, which have increasingly targeted retail investors. Authorities are continuing to investigate such schemes, and this indictment marks an important step in holding the Regalados accountable for their actions.
