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In Colorado, a pastor named Eligio “Eli” Regalado and his wife Kaitlyn are currently engaged in a legal battle over a cryptocurrency token venture. INDX Coin. These tokens were marketed primarily to Christians, with claims of being inspired by God. The couple who run the online church Victorious Grace are accused of fraudulently raising about $3.2 million through the venture.
The crux of the dispute lies in the claims made by Regalados regarding INDXcoin. They claim that they are backed by a cryptocurrency index and have enough assets to support this claim. However, the Colorado Securities Commission disputed this claim, claiming that the coin’s only backing was in fact the “Word of God.”
The case escalated when the Colorado Securities Commissioner took legal action against the couple, accusing them of fraudulent conduct and selling securities without the necessary legal permits. This led a Colorado judge to order a freeze on Victorious Grace Church’s assets.
Eli Regalado previously stated on a community forum for INDXcoin holders that he believed his venture was a utility coin, supposedly guided by God, despite expert advice classifying it as a security. This position was an important point of contention when considering the legal implications of a venture being classified as a security.
later $INDX Your coin will be activated. Anyone who purchases over $1000 $INDX You will receive one coin each from the exchange! pic.twitter.com/kg6dMOWd5H
— INDXcoin (@indxcoin) February 7, 2023
Kingdom Wealth Exchange: A clever scam disguised as a community platform
To further complicate matters, Regalados controlled Kingdom Wealth Exchange, the only platform converting INDXcoin to USD. The platform was shut down periodically to prevent financial crises similar to bank operations, Colorado regulators allege. Eli Regalado reportedly encouraged investors to hold INDXcoin, citing divine guidance to remain invested.
Despite these claims of divine support, Regalados eventually closed Kingdom Wealth Exchange due to a lack of active investors. They urged INDXcoin holders not to question the stability of the coin and to continue investing.
Legal filings show Regalados misappropriated $1.3 million of the funds raised for personal expenses, including luxury items, vacations and home renovations. In a recent video, Eli Regalado acknowledged these expenses, but noted that a significant portion went to taxes and home renovations, supposedly directed by God.
The case takes a complicated turn when considering the Regalados’ defense that their actions were influenced by divine instructions. This is expected to be the focus of a hearing scheduled for January 29. The Colorado Securities Commissioner is expected to detail how the couple violated. State securities laws. The question of divine intervention in the utility coin issue remains a unique and challenging aspect of this case.
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