Eli Regalado Crypto: Who Is He & Why Is He Involved In The Crypto Scam?
Written by W, LeahLast updated: Eli Regalado, who claims to be a pastor in Denver, and his wife, Kaitlyn, are accused of defrauding investors by promoting and selling a digital token called INDXcoin under the guise of “faith in God”. Denver District Attorney John Walsh described the scheme as a “multi-million-dollar cryptocurrency scam”.
But who is Eli Regalado? How does he conduct such a crypto scam? Let’s take a closer look.
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Who Is Eli Regalado?
Denver Pastor Eli Regalado was a well-known figure within his local community in Denver, Colorado, renowned for his sermons and spiritual guidance. He held a significant position in his church and was trusted by many of his congregants. However, Eli Regalado gained attention not for his religious work, but for his involvement in a controversial cryptocurrency scheme. He and his wife, Kaitlyn, operated an online church called Victory Grace Church and later ventured into cryptocurrency with a token called INDXcoin.
While promoting his crypto project, Regalado presented himself as a spiritual leader, claiming that it was ‘God’s plan’ to help his followers achieve financial freedom. However, he was recently accused by the authorities of orchestrating a fraudulent scheme that defrauded investors of millions. His dual role as a pastor and crypto promoter raised ethical concerns, particularly given that many of his victims were members of his religious community.
Eli Regalado and Wife Indicted in $3.4M Crypto Scam
Between January 2022 and July 2023, the Regalados allegedly solicited almost $3.4 million by encouraging people in their religious network to purchase INDXcoin, a cryptocurrency that they had created and were selling via the Kingdom Wealth Exchange platform.
They promoted INDXcoin through their online ministry and associated platforms. Eli Regalado reportedly told investors that ‘God told him’ to promote the token, which was sold via a platform called Kingdom Wealth Exchange.
The couple claimed that the cryptocurrency would generate substantial returns and was less volatile and risky than other digital assets. According to the INDXcoin whitepaper, the token was ‘insulated’ from the hazards of crypto trading.
They exaggerated its potential, stating that it could become a top-ten cryptocurrency and a stable store of value, competing with stablecoins and providing higher returns.
Prosecutors say these promises were deceptive and unsupported. According to the indictment, at least 300 people invested in the token, which the authorities say ‘maintained zero value’, resulting in total losses for all investors.
Investigators found that the Regalados spent a significant portion of the funds on personal luxuries, such as home renovations, luxury goods and holidays, rather than developing the promised blockchain technology. Many investors, particularly those from their church, lost their life savings after being assured that the investment was “divinely approved.”
Court documents have revealed several entities tied to the Regalados’ faith-based crypto fraud, including INDXCOIN INC., INDXCOIN LLC, Grace Lead Marketers and Kingdom Wealth Exchange, as well as Victorious Grace Church.
At the time of the alleged scheme, Eli and Kaitlyn Regalado were running INDXcoin, LLC from a property at 2355 South Eudora Street in Denver, Colorado. However, according to the indictment, INDXcoin, LLC was never legally registered to conduct business in the state from that address.
Both Eli and Kaitlyn Regalado were charged under Colorado’s organised crime laws for engaging in a pattern of racketeering activity while participating in the operation of these enterprises.
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What is INDXcoin?
INDXcoin was the cryptocurrency at the heart of this scam. Eli Regalado pastor and his wife, Kaitlyn, promoted INDXcoin as a revolutionary new digital currency with immense growth potential. INDXcoin was marketed as a cryptocurrency tied to the “Kingdom Wealth Exchange,” a trading platform supposedly backed by divine guidance. The Regalados claimed that INDXcoin was a low-risk, high-reward investment, promising returns of up to 10-12 times the initial investment.
However, investigations revealed that INDXcoin had no real blockchain technology or liquidity. Unlike legitimate cryptocurrencies such as Bitcoin or Ethereum, INDXcoin was not listed on major exchanges, making it nearly impossible for investors to sell their holdings. The token’s value was artificially controlled, and experts later classified it as a Ponzi scheme, relying on new investor funds to pay earlier participants.
Is INDXcoin Legit or a Scam?
Based on the available evidence, INDXcoin appears to be a scam. Multiple regulatory agencies, including the Colorado Division of Securities, have declared it a fraudulent scheme. Firstly, the project’s lack of transparency is a major red flag. The team behind INDXcoin refused to reveal their true identities, instead using pseudonyms. This made it impossible for investors to verify their credentials or hold them accountable for their actions.
The lack of transparency, the offering of unregistered securities, and the misappropriation of funds were all clear indicators of a scam. Furthermore, financial experts noted that INDXcoin had no real-world utility — it was not accepted as payment, lacked blockchain verification, and its value was manipulated. Many investors reported being unable to withdraw their money, while the Regalados continued to solicit new investments under false pretences.
Conclusion
The case of Eli Regalado and INDXcoin underscores the risks of cryptocurrency scams, particularly those exploiting religious trust. Authorities have taken legal action, but the incident highlights the need for greater investor education and regulatory oversight in the crypto space.
Investors should always conduct due diligence, verify regulatory compliance, and be wary of promises that seem too good to be true—especially when they come with claims of divine endorsement.
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