A Denver pastor, Eli Regalado, has been barred from selling cryptocurrency after authorities uncovered a multi-million dollar fraud linked to his company, INDXcoin. Alongside his wife, Kaitlyn, Regalado raised nearly $3.4 million from investors between 2022 and 2023 by promising high returns on a faith-based cryptocurrency. Many of the investors were members of the Christian community, drawn in by promises that the investment was divinely inspired.

Investigators revealed that most of the money collected was not used for business development but instead diverted to personal use, including home renovations. Despite Regalado’s claims of financial blessings, INDXcoin itself was found to have no real value, leaving more than 300 investors with significant losses.

Regulators also highlighted that the couple lacked basic experience in cryptocurrency and ignored warnings from third-party auditors describing INDXcoin as technically flawed and insecure. Further, the Regalados operated an unlicensed online exchange, Kingdom Wealth Exchange, to market the coin.

Colorado authorities have ordered Regalado to pay back the $3.4 million taken from investors. Officials warn the public to remain skeptical of investment opportunities that promise easy wealth, especially when they target close-knit communities.