New Scandal. A Ponzi/Pyramid scheme targeting the Christian Community. Colorado-based (online-only) pastor Eligio “Eli” Regalado (and his wife, Kaitlyn) which I think we can probably call the new Bernie Madoff of Crypto, created a Crypto coin called INDXcoin. The Crypto coin was marketed to Christians. He Claimed God would make them wealthy. He Raised $3.2 million dollars from 300 people. Investigators say the crypto was practically worthless. (Not because it was a memecoin, but because he never intended for anyone to sell it or trade it). He also said the coin had Utility (he considered the private facebook site used for teaching, as the coin’s utility), but Investigators/Authorities disagree.
Regalado released a video admitting to what he had done. He said: “The charges are that Kaitlyn and I pocketed $1.3 million and I just want to say that those charges are true…. We sold cryptocurrency with no clear Exit”
So this is a warning for everyone here. When you hear someone in the Christian community come out with a crypto coin, be very, very careful. There are lots of fraudsters/scammers that are targeting us with their fake coins/rug pulls. This is why you don’t see me posting about all the millions of different giraffes, and white lions, and frogs that people say they dreamed about, on this channel…
He went after Christians, trying to get them to buy this coin. But what he didn’t tell them is that this coin is not traded on any centralized or decentralized exchanges, there is no liquidity, and now way to sell/cash out. He promised them he would build his own exchange (Kingdom Wealth Exchange) – which I guess he did, but it didn’t work correctly, so he blamed technology. The way he marketed the coin is by telling people that the price of this coin is indexed to the top cryptocurrencies, so it’s very safe. (In simple terms, like an S&P500 Index Mutual Fund invests in the 500 largest companies). Regalado’s website INDXCOIN (https://indxcoin.com/) displays Proofed by Hacken symbol, indicating that an audit was performed. However, it turns out that Hacken gave Regalado a score of zero out of 10. It was that bad.
The Colorado Securities Commissioner filed a lawsuit against the Regalados, accusing them of fraudulent activities and illegal sale of securities without proper registration. What Regalado didn’t tell his online congregation is that this was a pyramid scheme. Regalado was stealing the money of his congregation/clients. Whenever people would buy his coin, he would take that money and spend it on personal expenses like Rolls Royce (Car), cosmetic dentistry (Hollywood Smile/veneers probably), vacations, home renovations, luxury items, designer hand bags (i.e. Gucci), jewelry, clothes, etc…
Also, in various videos Regalado shares a testimony about his past, where he was constantly in and out of prison. It sounds like he spent at least 8 years in prison. He was stealing high end cars, changing VIN numbers, and re-titling them. He also created fraudulent birth certificates for people. After prison he started a marketing company, it was making money, but then faced a downturn so he decided to start the crypto coin. Interestingly, in all his videos he keeps saying he is tithing/seeding. But it appears all that seeding he was doing was going back into his own pockets.
https://cryptonews.com/news/sec-freezes-assets-of-church-for-selling-unregistered-god-backed-crypto-token.htm
SEC Freezes Assets of Church for Selling Unregistered ‘God-Backed’ Crypto Token
Last updated: January 20, 2024 04:25 EST
Colorado-based pastor Eligio “Eli” Regalado and his wife, Kaitlyn, are facing legal action after allegedly defrauding investors of millions of dollars through the sale of an unregistered crypto token, called INDXcoin. The token was marketed to devout Christians as a “God-backed” digital asset.
Colorado Securities Commissioner filed a lawsuit against the Regalados, accusing them of fraudulent activities and illegal sale of securities without proper registration. Colorado judge has frozen the assets of Victorious Grace Church.
The couple reportedly raised around $3.2 million through sales of the token, which they issued through their online church, Victorious Grace. According to legal filings, the Regalados claimed that INDXcoin was backed by a cryptocurrency index and had sufficient assets to secure its value. However, the Colorado Securities Commission alleges that the token had little to no backing, aside from the couple’s claim that it was supported by God’s guarantee of success.
Investors who expressed concerns about the lack of returns were urged by Eli Regalado to hold onto their investments, citing divine guidance. The Regalados also controlled the Kingdom Wealth Exchange, the platform through which INDXcoin could be exchanged for USD. Colorado regulators allege that the couple routinely shut down the platform to prevent a bank run. Last year, they decided to close the exchange, citing a lack of active “stakers.” They then instructed INDXcoin holders to remain invested and avoid questioning the situation, claiming that God had instructed them to do so.
https://www.denverpost.com/2024/01/30/eli-kaitlyn-regalado-cryptocurrency-scam-accounts-frozen-indxcoin/
“Unmitigated greed”: Judge orders Colorado crypto pastor’s bank accounts frozen
Accounts for Eli and Kaitlyn Regalado and Victorious Grace Church have been frozen by ruling from Denver District Court Judge David Goldberg
PUBLISHED: January 30, 2024 at 3:00 p.m.
https://edition.cnn.com/2024/01/24/us/colorado-pastor-crypto-fraud-cec/index.html
1/28/24 A Colorado pastor says God told him to launch a crypto venture. He’s now accused of pocketing $1.3 million from his followers
The Regalados used technical terms to confuse investors and misled them into believing that the coins were valued at between $10-$12 even though they were purchased for $1.50 or, at times, given away, the complaint said.
“Either I misheard God … or God is still not done with this project, and He is going to do a new thing,” he said in the video posted January 19. “What we’re praying for, and what we’re believing for still, is that God is going to do a miracle. God is going to work a miracle in the financial sector … (and that) everyone (who invested) … is going to be able to receive money back.”
Her are bunch of videos on YouTube discussing what happened:
https://youtu.be/fwVvbZp-bSc
Pastor Behind Alleged Crypto Scam Thinks He ‘Misheard God’
The Young Turks – Jan 25, 2024
https://youtu.be/JeDpwd_ypJk
9NEWS – Jan 19, 2024
Colorado’s Securities Commission is filing civil fraud charges against Eli and Kaitlyn Regalado.
https://youtu.be/jZSZinmxWnY
Pastor’s Crypto Scammed Millions & Claimed as God’s Plan
Hannibal Is Hungry Jan 25, 2024
https://youtu.be/i992_B7lvmg
Church Pastor Scams Followers With Crypto
AttorneyTom Jan 23, 2024
https://youtu.be/MShq0F7xvTA
Divine Deception? EXPOSED: How a Colorado Couple Used a ‘Church’ to Mastermind a Crypto Scam?
HueFin News – Jan 21, 2024
https://youtu.be/MYB23Q3gJgE
Colorado pastor: “We took God at his word and sold a cryptocurrency with no clear exit”
Molly White – Jan 21, 2024 has no higher