Denver-based internet pastor, Eli Regalado, finds himself embroiled in controversy over his alleged involvement in a crypto Ponzi scheme related to INDX coin.
Colorado’s securities regulator is currently investigating the deceptive practices of the self-proclaimed spiritual leader. These practices have allegedly resulted in over $3 million in ill-gotten gains.
Fortune magazine recently published a report that sheds light on Regalado’s questionable actions and highlights the difficult situation faced by the victims.
Pastor Regalado’s Deceptive Crypto Venture
Colorado’s securities regulator has accused Regalado and his wife of orchestrating a “small-scale swindle” that aimed to deceive hundreds of individuals. They lured these individuals with promises of extraordinary returns on their investments in INDX coin.
With biblical undertones, Regalado persuaded his online church followers that investing in the cryptocurrency would result in a tenfold increase in their investments.
Unfortunately, investors never saw the promised returns, resulting in the loss of their hard-earned money. Adding insult to injury, it is alleged that the Regalados used a substantial portion of the funds for personal expenses, such as home renovations and luxury purchases. This only served to worsen the financial losses suffered by the victims.
Regalado decided to confront the allegations and growing legal issues by directly addressing them in a 10-minute video posted on the crypto project’s website.
He tries to shift the blame in the video, stating that the decision to misuse funds was not solely his own, but instead a result of divine guidance for a home renovation project.
Regalado demonstrates a lack of understanding of financial concepts by haphazardly using buzzwords like “leverage” and “liquidity” without demonstrating a clear comprehension of their meaning.
Regalado also takes pride in the alleged success of the project, highlighting that “$300 million worth of coins were invested before the exchange became operational.” However, the Colorado regulator clarifies that these coins hold no value as they can only be traded on the Kingdom Wealth Exchange, a dysfunctional platform managed by the Regalados themselves.
Colorado Authorities Take Action To Recover Funds
Fortune reports that the ongoing investigation will proceed with the state of Colorado seizing any remaining funds and returning them to the defrauded investors.
Meanwhile, Regalado’s video aims to seek divine intervention, anticipating that the INDX coin predicament will miraculously resolve itself through divine intervention in the financial sector.
According to data from CoinGecko, the cryptocurrency market cap has experienced a decline of 4.6%, dropping to a low of $1.51 trillion on Monday. However, when compared to the same time last year, the crypto market has seen a remarkable increase of 55.27%.
Bitcoin (BTC) remains the leading digital currency in the cryptocurrency market. With a market cap of $795 billion, it holds a significant 47.66% share of the total market.
