In Denver, a pastor and his wife are facing accusations of fraud related to cryptocurrency, resulting in losses of over $3 million for their religious community members.
Worthless Cryptocurrency: The INDXcoin Story
From early 2022 to mid-2023, Eli and Kaitlyn Regalado introduced their own digital currency called INDXcoin. The couple promoted this token through their platform, Kingdom Wealth Exchange, targeting members of their faith community. According to the Denver District Attorney's Office, the couple raised about $3.4 million, but instead of investing the funds into the business, they used a significant portion of the money for personal expenditures, including luxury purchases and home renovations. This cryptocurrency had no actual value and was not backed by any tangible assets.
Legal Measures Against the Regalados
Denver District Attorney John Walsh described the indictment as a step toward holding accountable those affected by the actions of the Regalados. He noted that previously Eli and Kaitlyn Regalado had been charged for their involvement in the creation and promotion of INDXcoin, and now they face fresh indictment related to the same scheme. Earlier this year, Colorado Securities Commissioner stated that Eli Regalado used his church position to persuade followers to invest in a cryptocurrency that provided no real backing.
Comparison with Other Fraud Cases
The Regalados' case is not an isolated incident. Earlier in 2025, former pastor Francier Obando Pinillo was also indicted for crypto-related fraud. Additionally, a Russian influencer known as ‘Bitmama’ was sentenced to seven years in prison for a scheme that defrauded investors of over $21 million.
The allegations against Eli and Kaitlyn Regalado highlight the growing issue of fraud within the cryptocurrency space, particularly among those who exploit the trust of their communities.
