Colorado Pastor Defends $1.3M Crypto Fraud Accusations

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Pastor defends use of 1.3 million dollars from failed crypto project

Eli Regalado, a pastor from Colorado, has defended himself against accusations that he took 1.3 million dollars from the sale of INDXcoin, a failed crypto project. Regalado claims that God commanded him to start the project and he is now waiting for further instructions. This comes after securities officials from Colorado accused him of conducting a crypto scam.

The accusations against the pastor

Last week, Colorado Securities Commissioner Tung Chan filed charges against the Regalado couple and the units they operated. She accuses them of pocketing 1.3 million dollars in crypto revenues while more than 300 investors had no way of getting their money back.

Regalado and his wife Kaitlyn launched a crypto token named INDXcoin last year. In a video message on the project’s website, Regalado admitted that the accusations are true. He said they sold a cryptocurrency with no clear exit because God told him to build it and give investors ten times their invested money.

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The use of the funds

The couple also took about 1.3 million dollars out of more than 3 million dollars raised for the project. Regalado said about 500,000 dollars went to the Internal Revenue Services and several hundred thousand dollars were spent on a house renovation project, which “the Lord has asked us to do”.

The community’s reaction

Most of the comments on the INDXcoin website support the pastor and cite Bible verses praising his actions. Regalado said he always had the impression that God would provide and that the source was infinite.

The next court hearing

A hearing in the case is scheduled for January 29, according to a search in the Colorado state court calendar.

The future of INDXcoin

Despite the accusations and the failed project, Regalado claims that “God is not done with INDXcoin yet”.

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