Eli Regalado, a Denver-based internet pastor, is at the center of a controversy surrounding an alleged cryptocurrency. Ponzi scheme involving the INDX coin.
The self-proclaimed spiritual leader has come under scrutiny as Colorado's securities regulator investigates his deceptive practices, which allegedly resulted in more than $3 million in ill-gotten gains. fortune magazine crypto/2024/01/22/online-pastor-eli-regalado-crypto-scam-indx-coin/” target=”_blank” rel=”nofollow”>report shed light on the matter, exposing Regalado's questionable actions and shedding light on the plight of the victims involved.
Pastor Regalado's Deceptive crypto Company
According to Colorado's securities regulator, Regalado and his wife orchestrated a “small-scale scam,” targeting hundreds of people with promises of extraordinary returns on their investments in INDX coins.
By presenting his calls with biblical overtones, using terms like “sow” and “tithe,” Regalado convinced followers of his online church that purchasing the cryptocurrency would increase their income tenfold. investments.
However, the promised returns never materialized and investors lost their hard-earned money. To complicate matters, the Regalados are alleged to have diverted a significant portion of the funds to finance personal expenses, including home renovations and luxury purchases, further exacerbating the victims' financial losses.
Despite the accusations and mounting legal problems, Regalado decided to address the allegations head-on by posting a 10-minute video about the cryptocurrency. project website.
In the video, he attempts to deflect responsibility, claiming that the embezzlement was not solely his decision, but rather the result of divine guidance for a home remodeling project.
Showing a lack of understanding of financial concepts, Regalado randomly uses buzzwords like “leverage” and “liquidity” without demonstrating a clear understanding of their meaning.
Additionally, Regalado boasts about the supposed success of the project, mentioning “300 million dollars in coins planted before the exchange he started”. However, the Colorado regulator clarifies that these coins have no value, mainly because they could only be traded on the Kingdom Wealth Exchange, a poorly functioning service operated by the Regalados themselves.
Colorado authorities take steps to recover funds
According to Fortune, the next steps in this ongoing investigation are expected to involve the state of Colorado seizing the remaining funds and returning them to defrauded investors.
Meanwhile, Regalado's video attempts to invoke divine intervention, predicting that the INDX coin The debacle will be miraculously resolved through divine intervention in the financial sector.
According to data from CoinGecko, the total crypto market capitalization has decreased by more than 4.6%, reaching just $1.51 trillion on Monday. However, compared to a year ago, the cryptocurrency market has seen an impressive increase of 55.27%.
At the forefront of the cryptocurrency market is bitcoin (btc), the pioneering digital currency that continues to dominate the landscape. As of today, bitcoin's market capitalization stands at an impressive $795 billion, representing a substantial 47.66% of the total cryptocurrency market.
Featured image from Shutterstock, chart from TradingView.com
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