Pastor Defends Using $1.3M from Failed Crypto: A Divine Intervention?

• Pastor Eli Regalado, INDXcoin, and the Misused Investors' Funds
• Accusations of Fraud from Colorado Securities Officials
• Regalado's Response to the Charges
• The Failure of the Kingdom Wealth Exchange
• Case Hearing
• Regalado's Comments on the Situation

Pastor Eli Regalado, INDXcoin, and the Misused Investors' Funds

Pastor Eli Regalado, having claimed divine instructions to launch a cryptocurrency project, is now depending on divine intervention for resolution after the venture failed. He admitted that he and his wife utilized $1.3 million of investors' money, a significant portion of which was used for lavish home renovations. Regalado is expected to provide explanations for his actions at a court hearing set for January 29.

Accusations of Fraud from Colorado Securities Officials

Colorado securities officials argue that the actions of Pastor Eli Regalado are more akin to fraud than mere human error. This follows the launch of a crypto token named INDXcoin by Regalado and his wife Kaitlyn last year. Tung Chan, the Colorado Securities Commissioner, lodged charges against the couple and their associated entities last week, alleging that they pocketed $1.3 million in cryptocurrency earnings. Meanwhile, over 300 investors were left with no means of recovering their investments.

Regalado's Response to the Charges

In response to the charges, Regalado released a video statement on the project's website where he confessed the charges were indeed accurate. We sold a cryptocurrency with no clear exit, he said, asserting that it was a divine directive to create the currency and guarantee investors a ten-fold return.

Regalado also admitted to using a part of the $3 million raised for the project on personal expenses. Around $500,000 was used for tax payments and several hundred thousand was spent on home renovations, which he claims was a divine order.

The Failure of the Kingdom Wealth Exchange

Despite having no industry expertise, Regalado and his wife launched the Kingdom Wealth Exchange, which attracted a considerable amount of investor money. Following the failure of the exchange technology, the situation rapidly deteriorated. According to Colorado officials, the cryptocurrency is now essentially worthless and illiquid.

Case Hearing

A court hearing for the case is scheduled for January 29 as verified by the Colorado state court docket. Despite the allegations, many comments on the INDXcoin site support the pastor, quoting biblical verses and lauding his handling of the allegations.

Regalado's Comments on the Situation

Regalado acknowledged that the situation appears dire and confessed his uncertainty about future developments. Despite this, he insisted God is not done with INDXcoin.

Edited by Jonathan Stoker