In April, 2023 Colorado Pastor Eli Regalado and his wife announced in a YouTube video, that God told him through prayers and cues to start selling cryptocurrency. Following this they started in their crypto venture and announced the start of the cryptocurrency INDXcoin. Members of his Victorious Grace Church and other Christian communities in the Denver area started buying the cryptocurrency. Shortly after they started to sell it through the Kingdom Wealth Exchange, an online cryptocurrency marketplace that he created and ran, where he gained more followers and investors. It has now come to the surface that Regalado and his wife pocketed $1.3 million of the investments and spent it on themselves.

According to Faith Karimi at CNN, “But Colorado state regulators say that INDXcoin was “essentially worthless.” Instead of helping investors acquire wealth, the Regalados used around $1.3 million of the investment funds to bankroll lavish expenditures, including a Range Rover, jewelry, cosmetic dentistry and extravagant vacations, the complaint said. The money also paid for renovations to the Regalados’ Denver home, the complaint said” (January 28).

After the civil charges were filed Regalado and his wife released a video statement on January 19th where he admitted the charges were true. 

Regalado continues to back up his cryptocurrency INDXcoin by saying it was worth far more than what investors paid. However the Colorado Division of Securities stated it was a risky investment and not backed up by assets. 

According to Faith Karimi and CNN, “Either I misheard God … or God is still not done with this project, and he is going to do a new thing,” Regalado 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” (January 28).

A court hearing is currently scheduled for Monday January 29th.