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Colorado Pastor Admits to Cryptocurrency Scam: 'God Told Me to Do It'
Eli Regalado, a pastor of an online church in Colorado, confessed to defrauding his Christian community with INDXcoin, a token that is practically worthless. The scandal: between June 2022 and April 2023, he raised $3.2 million from over 300 investors under promises of “divine wealth.”
The juicy part: Regalado directly admitted on video that he and his partner pocketed $1.3 million. What did they spend it on? Cosmetic dentures, luxury handbags, snowmobiles, home renovations, and dream vacations.
The irony: while spending lavishly, he sent “messages from God” to investors telling them not to sell the token and to abandon their obsession with material wealth. Quite the irony.
Colorado’s Securities Commission accused him of exploiting the faith and trust of his own community. Regalado claimed that “God revealed” to him that INDXcoin would bring prosperity. Spoiler: it did not.
This case is a brutal reminder: in crypto, faith alone isn’t enough. If something sounds too good to be true — especially if it comes from a pastor preaching “divine wealth” — it probably is.