Eli Regalado, known as the “Crypto Pastor,” and his wife Kaitlyn have been indicted in Colorado on 40 counts including racketeering, theft, and securities fraud. The couple allegedly diverted over $1.3 million from investors in a scheme involving a cryptocurrency called INDXcoin. Through faith-based appeals and promises of extraordinary returns, they solicited nearly $3.4 million from around 300 people, many of whom were members of their online church and the broader Christian community.

Regalado claimed his crypto scheme was inspired by divine guidance, telling investors that God directed him to create INDXcoin and assured them they would be wealthy. Despite these assertions, authorities found that only a small portion of the funds went to the actual crypto venture. The majority was allegedly used for personal expenses, including luxury purchases, home renovations, vacations, and other non-business items.

Investigators revealed that INDXcoin maintained no real value, and its technical foundation was riddled with flaws. Third-party experts confirmed the currency was illiquid and essentially worthless. Ultimately, investors lost all their money. State regulators emphasized that religion played a major role in convincing individuals to trust the scheme, with prosecutors labeling the Regalados as “21st century false prophets” using modern technology for an old-fashioned scam.

Eli Regalado remains free on bond, awaiting arraignment, while a civil court has already issued a $3.3 million judgment against the couple. The case serves as a warning about the risks of unregulated cryptocurrency ventures and underscores the importance of skepticism when confronted with lofty promises tied to faith or financial gain.

<