November 27, 2023
Image Credit: Business Today
January 23, 2024
By: Pooja
Colorado pastor and wife accused of diverting $3.2 million raised through INDXcoin, a crypto token marketed to devout Christians.
Image Credit: INDX
The couple claimed INDXcoin was backed by an index of cryptocurrencies and secured by assets, but the state alleges it was backed by nothing substantial.
Image Credit: Pinterest
The complaint states the pastor leveraged investors' faith, asserting their investments were guaranteed by God.
Image Credit: Mayday.ai
The Regalados insisted INDXcoin was a utility coin, exempt from securities regulations, despite experts' contrary opinions.
Image Credit: Cryptonews
INDXcoin could only be exchanged for USD through Kingdom Wealth Exchange, a platform controlled by the couple.
Image Credit: Twitter
When investors grew wary, the pastor reportedly invoked divine guidance, telling them to HODL and stay invested.
Image Credit: Pinterest
Image Credit: Decrypt
The Regalados allegedly pocketed $1.3 million for luxury items, cosmetic dentistry, vacations, and home renovations, prompting legal action and asset freeze.