Pastor and Wife Indicted in $3.4 Million Cryptocurrency Scam Targeting Churches
A Denver grand jury has indicted pastor Eli Regalado and his wife Kaitlyn on 40 counts of theft, fraud, and deceit for allegedly orchestrating a multi-million-dollar cryptocurrency scam. The couple, who run Victorious Grace Church from their home, solicited nearly $3.4 million from investors—primarily fellow Christians—to purchase their INDXcoin through the Kingdom Wealth Exchange.
Prosecutors allege the Regalados promised outsized returns while failing to disclose INDXcoin's lack of liquidity or intrinsic value. The token, marketed as tracking the top 100 cryptocurrencies, ultimately collapsed, leaving over 300 investors with losses. Court documents reveal $1.3 million of raised funds were diverted to personal expenses including home renovations.
