A pastor "by the will of God" received $ 3.4 million from parishioners (6 photo)
A Denver pastor and his wife are facing charges in a cryptocurrency scam. According to local prosecutors, they are suspected of stealing millions of dollars from parishioners. 
Eli and Caitlin Regalado ran the online-only Victorious Grace Church. They convinced followers to buy the INDXcoin cryptocurrency, which resulted in them making $3.4 million.
The pastor pitched the INDXcoin token to Christians as an investment with a “unique risk-reward profile.” Investigators allege that the Regalados sought to fill their pockets by creating the Kingdom Wealth Exchange platform, which would trade cryptocurrency. 
According to the charges, about $1.3 million, or 39% of the investors' funds, went directly to Eli and Caitlin Regalado and were used for their personal expenses. The couple spent the money on a lavish lifestyle: home renovations, expensive items, babysitting, car expenses, airfare, manicures. And all this instead of developing and administering the crypto project. 
This is what the Regalados' Denver home looked like in July 2022, around the time they created INDXcoin
The couple's home was once modest in appearance. Photos taken in October 2024 show that the structure was torn down to make way for a new, larger two-story home. 
New home under construction with large porch and garage in October 2024
Government regulators shut down the Kingdom Wealth Exchange platform in November 2023. Before the exchange closed, investors were told there were 30 million INDXcoins in circulation, meaning the company should have made $300 million on the coins based on their estimated value of $1 to $1.50 per coin. Investigators found only $30,000 in the bank.
In January 2024, Eli Regalado admitted that he and his wife had embezzled some of the money from INDXcoin. However, he stated that “God is not done with this project yet.” 
In a video posted in August 2022, the pastor told followers: “In October 2021, the Lord gave me this cryptocurrency. He said, ‘Give it to my people, let them be rich.’”
Investors planning to invest less than $5,000 were asked to wire the money to Eli Regalado’s personal account. Anyone spending more was told to wire the funds to the couple’s Wells Fargo bank account, which was never associated with INDXcoin, Kingdom Wealth Exchange, or any other exchange. 
Eli and Caitlin Regalado face 40 counts of theft, fraud, and racketeering.
The maximum loss suffered by an individual or organization by investing in INDXcoin was $200,000.
“These charges are an important step in our work to hold Regalado accountable for his crimes and bring justice to the victims,” said Denver District Attorney John Walsh.
