No one really seems safe from the crypto fraud, not even members of very united religious communities. A striking example took place in Denver, Colorado, where an online pastor and his wife were charged with a crypto scam. The couple is accused of having defrauded members of their community of faith by more than $ 3 million.
In short
- Pastor of Denver and his trunk wife for a crypto scam which has fraud their community of faith by $ 3M.
- $ 3.4M raised; $ 1.3M spent on personal costs including luxury items and domiciliary renovations.
- Indxcoin had no real value, no assets to support it, and was falsely presented as a safe investment.
Crypto scam -based on faith: millions raised for a value without value
Between early 2022 and mid-2023, Eli and Kaitlyn Regalado launched their own digital token called Indxcoin. The couple promoted it via their platform, Kingdom Wealth Exchange, targeting the members of their religious circle. They described the play as an opportunity for secure and promising investment, using their spiritual influence to gain people's confidence.
According to the conclusions of the Denver district prosecutor's office, the couple raised around $ 3.4 million during this period. Prosecutors said that instead of investing funds in the company, they used A large part of the money for personal purposes. At least 1.3 million dollars would have been spent on daily expenses and luxury purchases, including domiciliary renovations. They even said that their decision to renovate came from a spiritual orientation.
Investigators indicate that around 300 people have invested in the project. These investors believed that Indxcoin had solid financial support and would offer them yields. In reality, the part had no real value on the market and was not supported by a tangible asset or linked to the main cryptocurrencies.
Eli and Kaitlyn Regalado deceived potential and current investors, and did not reveal to them: that defendants lacked liquidity to support the quantity of indxcoin then in circulation and that Indxcoin was not “indexed” at a certain value or at the average of the 100 main global cryptocurrencies, but that it was in reality supported by practically no assets and had no real value.
Denver district court, Colorado.
Legal authorities ask for justice in the Indxcoin case
The Denver district prosecutor John Walsh described the charge as a step forward to do justice to the affected people. He praised his legal team and investigators from the Colorado securities division and the Bureau of the Attorney General of Colorado for having advanced the case.
These accusations mark a major advance in our work to hold the regalado responsible for their alleged crimes and to bring a measure of justice to the victims. I would like to thank the prosecutors and investigators of my office, and particularly the investigators of the Division of Securities of Colorado and the Bureau of the Attorney General, whose remarkable work on this case led to this indictment.
John Walsh, Denver district prosecutor
Earlier this year, Eli and Kaitlyn Regalado had already been charged for their involvement in the creation and promotion of Indxcoin. From now on, the couple faces a new indictment linked to the same scheme.
At the time of the first accusations, Tung Chan, commissioner for securities in Colorado, said that Eli Regalado used his position in the Church to convince his faithful to invest in a cryptocurrency without real support.
Similar cryptocurrency scams on the part of religious leaders and influencers
It is not the first time that a matter of this kind has been emerged. At the beginning of 2025, Francier Obando Pinillo, a former Washington state pastor, was also charged. Pinillo, just like the Regalado, is accused of having used his role in the church to promote a false plan in crypto.
He said that his project, called Solano FI, was inspired by a dream and was presented as completely secure. The project would have reported millions between the end of 2021 and the end of 2023 before fraud was discovered.
In another case, a Russian influencer known online under the name of “Bitmama” was sentenced to seven years in prison in a penitentiary colony. His business, unrelated to religion, focused on a crypto system which siphoned more than $ 21 million to investors.
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