From a video statement posted in January by Eli Regalado, the pastor of an online-only Christian church based in Denver. Regalado and his wife, Kaitlyn Regalado, were charged with fraud by the Colorado Division of Securities for selling INDXcoin, a cryptocurrency described by one auditor as “unsafe, unsecure and riddled with serious technical problems.”
Hello INDXcoin family. Let me come out first and foremost by saying that Kaitlyn and I are being charged with selling millions of dollars of cryptocurrency deemed worthless by the state. We’re charged with pocketing $1.3 million, and I just want to say that those charges are true. Half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel that the Lord told us to do.
How this whole thing started is the Lord took us into cryptocurrency—a different currency from INDXcoin. That cryptocurrency turned out to be a scam, is basically the best way I can describe it. And I said, “Lord, you told me to do this. Now there’s people involved. What do you want me to do?” And the Lord said, “I want you to build this the way that it should be done.” And so I’m like, “Where’s this liquidity going to come from?” And the Lord said, “Trust me.” So we keep moving along. God keeps confirming. God keeps showing up.
We launched INDXcoin. We were sowing hundreds of thousands of dollars. We were under the impression that God was going to provide—that the source was never-ending. But things started falling apart, and that’s when—I mean, I’ll just be honest—Kaitlyn and I turned on each other. Shouldn’t have spent this, shouldn’t have done that. Shoulda, coulda, woulda.
I don’t want anyone getting mad at the prosecutors. They have to do this. I mean, if you think about it, we sold a cryptocurrency with no clear exit. We did. We took God at his word and sold a cryptocurrency with no clear exit. And the prosecutors have to say, These people willingly sold a cryptocurrency with no clear exit.
What we’re praying for is that God will work a miracle in the financial sector. God is not done with this project. God is not done with INDXcoin. Amen.
