From Nasdaq:

Colorado-based online pastor Eli Regalado, who is also the founder of INDXcoin, admitted to $1.3 million fraud charges in a video confession. The couple, Eli and Kaitlin Regalado, were charged for distributing and promoting the fraudulent INDXcoin through their Kingdom Wealth Exchange. Regalado allegedly exploited Christian communities, claiming that God told him investing in INDXcoin would make investors wealthy.

From mid-2022 to early 2023, Regalado’s enterprise garnered around $3.2 million from over 300 investors. The majority stemmed from his online congregation at Victorious Grace Church, where he serves as a pastor. Regalado further explained the expenditure of these funds, stating half were allocated to taxes, and a notable portion funded a God-instructed home renovation. Regalado ended operations of the Kingdom Wealth Exchange on November 1, citing insufficient funds to maintain its internal servers.

Price Action: At the time of writing, apex cryptocurrency Bitcoin (CRYPTO:
BTC) was trading at $41,133 down 1.12% in the last 24 hours, according to Benzinga Pro. The Colorado Securities Commissioner Tung Chan said that Regalado allegedly exploited the Christian community’s trust. Commissioner Chan warned consumers to be very skeptical of new coins and exchanges.



Read more: Pastor Said God Told Him To Remodel Home After Selling $1.3M Worth Of ‘Worthless Crypto’ To Followers