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<p><span style="font-weight: 400;">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> 
<p>Regaldo is f<span style="font-weight: 400;">acing charges of civil fraud in the alleged sale of $3.2 million of a cryptocurrency called INDXcoin to 300 investors.</span></p> 
<p><span style="font-weight: 400;">“The INDXcoin was illiquid and practically worthless,” said a complaint <a href="https://securities.colorado.gov/press-release/press-release-colorado-securities-commissioner-files-complaint-against-alleged">filed</a> by Colarado’s securities commissioner. “I</span><span style="font-weight: 400;">nvestors lost millions; and Defendants dissipated investor funds to support their lavish lifestyle.”</span></p> 
<h2 id="span-style-font-weight-400-regulators-file-a-formal-complaint-against-the-regalados-span"><span style="font-weight: 400;">Regulators File A Formal Complaint Against The Regalados</span></h2> 
<p><span style="font-weight: 400;">The complaint </span><span style="font-weight: 400;">accuses Regalado and his wife of scamming Denver’s Christian community with a counterfeit digital currency called </span><a href="https://insidebitcoins.com/news/indxcoin-divine-intervention-or-elaborate-scam"><span style="font-weight: 400;">INDXcoin</span></a><span style="font-weight: 400;">. </span></p> 
<p><span style="font-weight: 400;">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> 
<p><span style="font-weight: 400;">Regaldo claimed God told him directly that investors would become wealthy if they put money into INDXcoin.”&nbsp;</span></p> 
<p><span style="font-weight: 400;">“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> 
<p><img decoding="async" src="https://atlantablackstar.com/wp-content/uploads/2025/01/Eli-Regalado.jpg" alt="Colorado Pastor Says He May Have 'Misheard' God's Instructions After Being Accused In $3.2M Cryptocurrency Scheme"></p> 
<h2 id="span-style-font-weight-400-indxcoin-was-used-to-fund-a-lavish-lifestyle-span"><span style="font-weight: 400;">INDXCoin Was Used To Fund A Lavish Lifestyle</span></h2> 
<p><span style="font-weight: 400;">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.”&nbsp;&nbsp;</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">And looking at them Jesus said to them, “With people this is impossible, but with God all things are possible.” Matthew 19:26</p> 
 <p>— INDXcoin (@indxcoin) <a href="https://twitter.com/indxcoin/status/1673019314172198917?ref_src=twsrc%5Etfw">June 25, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">“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.”</span></p> 
<p><span style="font-weight: 400;">The commissioner wrote in the filing that the Regalados’ lack of knowledge of </span><a href="https://insidebitcoins.com/news/5-best-cryptocurrencies-to-buy-now-btc-sei-lpx-sui-bonk"><span style="font-weight: 400;">cryptocurrencies</span></a><span style="font-weight: 400;"> was “clear” after a third party auditor’s report highlighted several flaws in INDXcoin’s code.</span></p> 
<p><span style="font-weight: 400;"> 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. </span></p> 
<p><span style="font-weight: 400;">Regalado acknowledged he had no previous experience in trading cryptocurrencies, but said he was only following God’s orders.</span></p> 
<h3 id="span-style-font-weight-400-related-articles-span"><span style="font-weight: 400;">Related Articles:</span></h3> 
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Colorado Pastor Says He May Have “Misheard” God’s Instructions After Starting Crypto Project That Lost Investors Millions

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