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Pastor from Denver Denies Crypto Scam Accusations - Claims It Was God's Will

Colorado couple sued over crypto misuse

Colorado state regulators have filed a civil lawsuit against a local couple, Eli and Kaitlyn Regalado, for allegedly misappropriating at least $1.3 million from their founded cryptocurrency, INDXcoin. The couple is accused of using these funds for personal extravagances. 

In a video, Eli Regalado, a Denver pastor, admitted to cashing out the cryptocurrency, asserting that a significant portion went to the IRS, and the remainder was spent on a home remodel, which he claims was instructed by God.

Pastor's response to allegations and investors' dilemma

In his response to the lawsuit, Pastor Eli Regalado, facing charges along with his wife for selling the INDXcoin cryptocurrency, addressed the situation in a video posted to the INDXcoin community forum. He acknowledged that investors in their cryptocurrency currently have no means to withdraw their funds. Regalado described the failure of their exchange technology as a turning point, leading to a period of waiting for a "miracle" from God.

The Regalados, both ordained ministers of Destiny Churches and Ministries International, promoted INDXcoin to their church's followers. However, they are now accused of using the cryptocurrency's funds for personal luxuries, including a Range Rover and luxury items, while claiming the money would support widows and orphans.

Awaiting a miracle amid legal challenges

In a candid moment, Pastor Regalado admitted to the misuse of funds, stating: 

“The charges are that Kaitlyn and I pocketed $1.3 million…those charges are true.”

He explained that a portion of this amount was paid to the IRS, and a home remodel was undertaken as per what he claims was divine instruction. Despite the gravity of the situation, Regalado expressed hope for a divine intervention that would rectify the financial losses of INDXcoin investors.

The video elicited a wave of supportive comments, with many followers echoing Regalado's faith in a miraculous resolution. Meanwhile, the legal proceedings intensify as Judge David Goldberg has frozen the couple’s bank accounts and associated businesses. The Regalados are scheduled for an initial hearing in Colorado District Court on January 29th, facing serious allegations in this unfolding crypto scandal.