Controversy surrounds Eli Regalado, a Denver-based internet pastor, who is being investigated by Colorado’s securities regulator for his involvement in an alleged crypto Ponzi scheme involving INDX coin. Fortune magazine exposed Regalado’s deceptive practices, which resulted in over $3 million in ill-gotten gains.
According to the regulator, Regalado and his wife targeted hundreds of individuals with promises of extraordinary returns on their investments in INDX coin. Using biblical language like “sowing” and “tithing,” Regalado convinced his online church followers to invest, but the promised returns never materialized. It is also alleged that the couple used a portion of the funds for personal expenses, exacerbating the victims’ financial losses.
Despite the allegations, Regalado posted a 10-minute video on the crypto project’s website in an attempt to deflect responsibility. He claimed that misappropriating funds was not solely his decision, but rather a result of divine guidance for a home remodeling project. However, in the video, Regalado displays a lack of understanding of financial concepts and haphazardly uses buzzwords without clear comprehension.
The Colorado regulator clarifies that the coins have no value as they could only be traded on the Kingdom Wealth Exchange, an ill-functioning service operated by the Regalados themselves. Authorities are now taking action to recover funds and return them to the defrauded investors.
Meanwhile, Regalado’s video attempts to invoke divine intervention, predicting that the INDX coin debacle will miraculously resolve itself. However, the total crypto market cap has declined over 4.6% on Monday, reaching as low as $1.51 trillion. Despite this, the cryptocurrency market has still seen a year-over-year increase of 55.27%.
At the forefront of the market stands Bitcoin, with a market cap of $795 billion, accounting for 47.66% of the total cryptocurrency market. It continues to dominate the landscape. The featured image is from Shutterstock, and the chart is from TradingView.com.