“God told me to do it” – U.S. pastor who stole $1.3 million from church members says

Pastor Eli Regalado, who lives in the United States, says God commanded him to con his church members out of $1.3 million through a cryptocurrency scheme.

After developing and offering "INDXcoin," a cryptocurrency, for sale to Colorado Christians, Eli and his spouse, Kaitlyn, are charged with violating the state's anti-fraud, licencing, and registration laws.

The pair allegedly convinced prospective investors that the Lord had instructed them they would become wealthy if they invested, according to a recent news release from the state's securities authority.

Prosecutors asserted that INDXcoin was, in fact, "practically worthless." Millions of investors lost money as the Regalados led opulent lives.

Eli said in a video statement that was uploaded to the INDXcoin website that the two wasted the $1.3 million that was raised via cryptocurrencies.

"It is alleged that Kaitlyn and I stole $1.3 million." I wanted to be clear that those accusations are valid.

A couple hundred thousand dollars were used to renovate our home as the Lord instructed. We sold a coin with no obvious way out because we accepted God at his word," he said.

Regalado went on to say that the couple is still praying for God to "work a miracle in the financial sector."

Almost 300 people contributed almost $3.2 million to INDXcoin between June 2022 and April 2023. The Regalados squandered at least $1.3 million, or over half, on opulent personal items including jewelry, an au pair, and a substantial home renovation.

Additionally, the Regalados raised a minimum of $290,000 for Victorious Grace Church, an online-only church without a physical facility.

Additionally, the Regalados have no prior cryptocurrency experience. Major technical issues with the INDXcoin code were found by a third-party auditor, yet the Regalados persisted in marketing the cryptocurrency as a low-risk, high-reward option.