Pastor Reveals How He ‘Stole’ $1.3 Million In Cryptocurrency Scheme
A self-proclaimed Pastor based in the United States, Eli Regalado, has confessed how he stole millions of dollars from unsuspecting Christian brethren in a cryptocurrency scheme.
Trojan News understands that Regalado and his spouse are being accused of carrying out a cryptocurrency scheme in which they stole over $1 million from the Christian community around them.
Alongside his wife, Kaitlyn, they allegedly created and sold their own cryptocurrency called “INDXcoin” to Christians in Denver, Colorado.
According to the couple, God had instructed them to do so and promised potential investors wealth.
However, prosecutors have revealed that INDXcoin was essentially worthless, resulting in investors losing millions of dollars while the Regalados lived a luxurious lifestyle.
In a video statement addressing the charges, the self-proclaimed Pastor confessed to misusing the $1.3 million that was raised through the cryptocurrency scheme.
“The charges are that me and Kaitlyn pocketed $1.3m,” The Guardian UK quoted Regalado to have said in the video clip reportedly published online.
He added: “I just wanted to come out and say those charges are true.
“A few hundred thousand dollars went to a home remodel the Lord told us to do. We took God at his word and sold a cryptocurrency with no clear exit.”
Regalado is said to have expressed confidence that God will “work a miracle in the financial sector”.
Reports revealed that between June 2022 and April 2023, INDXcoin managed to secure approximately $3.2 million in funding from over 300 individuals.
Surprisingly, the Regalados, who were involved in this venture, allocated at least $1.3 million, which accounted for more than half of the funds, towards personal luxury items such as jewellery, an au pair, and an expensive home improvement project.
In addition to their extravagant spending, the Regalados managed to gather a minimum of $290,000 for their online-only church, Victorious Grace Church, despite the absence of a physical location for the establishment.
A check by Naija News on the INDXcoin website and social media handles shows how, despite these concerns, the Regalados have been promoting the cryptocurrency as a low-risk, high-reward solution.
Meanwhile, reports claimed tha the Regalados lack any expertise in the field of cryptocurrency.