Kingdom

April

Jesus

Billion

Daily

<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" rel="noopener noreferrer nofollow">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" rel="noopener noreferrer nofollow"><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 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">
 <p>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" rel="noopener noreferrer nofollow">June 25, 2023</a></p>
</blockquote>
<p></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" rel="noopener noreferrer nofollow"><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>
<ul>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/ftx-has-already-sold-1-billion-of-its-grayscale-bitcoin-etf-shares-indicating-selling-pressure-on-bitcoin-may-ease" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">FTX Has Already Sold $1 Billion Of Its Grayscale Bitcoin ETF Shares, Indicating Selling Pressure On Bitcoin May Ease</span></a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/new-and-best-meme-coins-to-buy-january-24-dogwifhat-shiba-predator-4chan" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">New and Best Meme Coins to Buy January 24 – dogwifhat, Shiba Predator, 4Chan</span></a></li>
 <li style="font-weight: 400;"><a href="https://www.linkedin.com/pulse/best-crypto-watch-2024-top-5-cryptocurrencies-high-calsona-f8pve/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Best Crypto to Watch in 2024: Top 5 Cryptocurrencies with High Potential</span></a></li>
</ul>
<div class="inContentProviderSingle inContentColor--insidebitcoins fc-row">
 <div class="inContentProviderSingle--wrapper">
  <div class="container">
   <div class="row mb-lg-3">
    <div class="col-12 col-md-8">
     <p>New Crypto Mining Platform - Bitcoin Minetrix</p>
    </div>
    <div class="col-12 col-md-4">
     <div class="inContentProviderSingle--rating">
      <div class="rating--holder">
       <p>Rating</p>
       <div class="rating--star-container">
        <div class="rating--star" style="width: 100%;"></div>
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="row">
    <div class="col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none">
     <img src="https://insidebitcoins.com/wp-content/uploads/2023/09/bitcoin-minetrix.svg" alt="Bitcoin Minetrix" width="125" height="60">
    </div>
    <div class="col-12 col-md-8">
     <ul>
      <li>Audited By Coinsult</li>
      <li>Decentralized, Secure Cloud Mining</li>
      <li>Earn Free Bitcoin Daily</li>
      <li>Native Token On Presale Now - BTCMTX</li>
      <li>Staking Rewards - Over 100% APY</li>
     </ul>
    </div>
    <div class="col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block">
     <img src="https://insidebitcoins.com/wp-content/uploads/2023/09/bitcoin-minetrix.svg" alt="Bitcoin Minetrix" width="125" height="60">
    </div>
   </div>
   <div class="row">
    <div class="col-12 text-center">
     <div class="inContentProviderSingle--button">
      <a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow">Learn More</a>
     </div>
     <div class="inContentProviderSingle--disclaimerText">
     </div>
    </div>
   </div>
  </div>
 </div>
</div>

Colorado Pastor Says He May Have “Misheard” God’s Instructions After Starting Crypto Project That Lost Investors Millions

Table of Contents

Inside Bitcoins

Other articles published on Jan 25, 2024

Join our free newsletter for daily crypto updates!