Pastor Eli Regalado and his wife were recently indicted on felony charges for a $3.4 million cryptocurrency scheme through their company, INDXcoin. The couple urged congregants of their online church, Victorious Grace Church, to invest and expect “exorbitant” returns.
“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community,” said Colorado Securities Commissioner Tung Chan.
Denver Grand Jury Indicts Pastor Eli Regalado and His Wife Over Cryptocurrency Scheme
Eli and Kaitlyn Regalado now face felony charges after being indicted for racketeering, theft, and securities fraud. This is in addition to the civil charges from 2024. In 2022 and 2023, the Regalados solicited $3.4 million dollars from 300 investors—mostly those from their church. Without a clear exit, the invested funds could be exchanged, via the Regalado’s Kingdom Wealth Exchange, which was shut down. Each investor lost an average of more than $11,000.
In 2021, Regalado said he heard God say, “Take this [cryptocurrency] to my people for a wealth transfer.” The pastor and his wife urged parishoners to give, promising high returns and that they’d “have more money than you’ve ever had in your life.”
Crypto and tech industry researcher Molly White posted a “supercut” of Regalado’s story and defense—both of which, according to Regalado, were guided by God’s prompting. The video included words at the bottom of the screen, “Note: we did not create this former scam crypto.”
Regalado admitted to pocketing more than $1.3 million of the investments—with large sums going to the IRS, and “a home remodel that the Lord told us to do.” The Denver Gazette also reported expenditures of a Range Rover and more than $90,000 in travel and entertainment.
The rest, they’d “tithe and sow.” Regalado explained, “We were just always under the impression that God was going to provide, that the source was never ending, that God was doing a new thing.”
With an extensive background in marketing, the Regalados presented the cryptocurrency as stable, specifically mentioning that a cybersecurity company had audited it.
The couple didn’t reveal the rating given by the audit—a rating of 0 out of 10. Both the cryptocurrency and exchange were described as “catastrophically technologically deficient” by the auditor.
After investigation, state officials called the cryptocurrency “essentially worthless.”
“These charges mark a major step forward in our work to hold the Regalados accountable for their alleged crimes and to bring a measure of justice to the victims,” said District Attorney John Walsh.
