• News
    • Tech News
    • AI
  • Gadgets
    • Apple
    • iPhone
  • Gaming
    • Playstation
    • Xbox
  • Science
    • News
    • Space
  • Streaming
    • Netflix
  • Vehicles
    • Car News
  • Social Media
    • WhatsApp
    • YouTube
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
TikTok
Snapchat
WhatsApp
Submit Your Content
Online pastor accused of crypto scam claims God told him to do it

Home> News> Tech News

Published 12:50 25 Jan 2024 GMT

Online pastor accused of crypto scam claims God told him to do it

Pastor Eligio Regalado has been accused of fraud after setting up a cryptocurrency exchange.

Prudence Wade

Prudence Wade

The world of cryptocurrency has been rife with scams and rug-pulls - where investors have their money effectively stolen by untraceable means - right from the beginning.

What's scary is that, in the last few years, the crypto space has gone from a pretty nerdy little corner of the internet to a massive industry that everyone knows at least a tiny bit about.

With that change in status has come a deluge of even more scams, and it's always interesting to hear the excuses that people trot out if it looks like they might have been caught doing something less than advisable.

d3sign / Getty

Advert

Take pastor Eligio Regalado, a minister in Colorado who launched a crypto exchange and allegedly targeted Christians for investment.

He reportedly gathered a massive $3.2 million in investment for a cryptocurrency known as INDXcoin, sold on the Kingdom Wealth Exchange, before it mysteriously collapsed, leaving people out of pocket.

Investigators say he and his wife Kaitlyn used at least $1.3 million of funds from the exchange to support a lavish lifestyle, spending it on vacations, jewelry, luxury handbags, cosmetic dentistry, clothes and home renovations.

Where excuses are concerned, Regalado has served up an absolute all-timer in an attempt to defend himself - saying "the Lord" encouraged him to set up the scheme.

Advert

He made a video address attempting to explain why he and his wife had just remodelled their home at a cost of hundreds of thousands of dollars while investors remained out of pocket.

Apparently, that remodelling was something "that the Lord told us to do", he said, while adding that God appeared to him in a dream and gave him advice on how to run the crypto exchange.

Maria Korneeva / Getty

As you can probably imagine, Colorado's securities commissioner has filed filed civil fraud charges against the Regalados.

Advert

In the video statement, Regalado said the charges that he and his wife pocketed the money are "true", and added: “What we're praying for, and what we're believing for still is that God is going to do a miracle.

"God is going to work a miracle in the financial sector. He's going to bring a miracle into INDXcoin. Everyone that has come in for money is going to be able to receive money back."

The Regalados, who had no previous experience selling cryptocurrency, are accused of violating the anti-fraud, licensing and registration provisions of the Colorado Securities Act, and are due to appear in court on January 29.

Needless to say, Colorado securities commissioner Tung Chan has followed up this whole affair by warning of the dangers of plunging into investments in crypto without thorough research.

Featured Image Credit: INDXCOIN/YOUTUBE / Indxcoin
Cryptocurrency
Cybersecurity

Advert

Advert

Advert

Choose your content:

4 hours ago
5 hours ago
  • 4 hours ago

    Officials confirm plans to rebuild world's largest plane set to cost $3,000,000,000

    The aircraft was destroyed when Russia invaded Ukraine

    News
  • 5 hours ago

    Stunning 2019 Bitcoin graph shows how much money it would have made you compared to normal stocks and shares

    A $1,000 investment in Bitcoin made in 2019 has outperformed every major traditional asset

    News
  • 5 hours ago

    This $70,000,000,000 Trump move just propelled AI stocks to historic highs

    The AI sector just got its biggest boost yet from the Trump administration

    News
  • 5 hours ago

    Tesla slammed after launching 'dystopian' diner in the middle of Hollywood

    Elon Musk has described the diner as 'one of the coolest spots in LA'

    News
  • Police bust global cyber gang accused of Britain’s most prolific scam site