November 27, 2023

Image Credit: Business Today

Pastor & Wife Allegedly Pocket Millions in Divine Crypto Scheme

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.

Alleged Misappropriation

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.

Fraudulent Claims

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The complaint states the pastor leveraged investors' faith, asserting their investments were guaranteed by God.

Religious Deception

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Security Offering Dispute

The Regalados insisted INDXcoin was a utility coin, exempt from securities regulations, despite experts' contrary opinions.

Image Credit: Cryptonews

Exclusive Exchange Control

INDXcoin could only be exchanged for USD through Kingdom Wealth Exchange, a platform controlled by the couple.

Image Credit: Twitter

God's Guidance to HODL

When investors grew wary, the pastor reportedly invoked divine guidance, telling them to HODL and stay invested.

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Luxurious Spending

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.