Colorado Pastor Indicted in $3.4M Crypto Fraud Scheme

A Colorado-based online pastor, Eli Regalado, and his wife, Kaitlyn, have been indicted for allegedly running a $3.4 million crypto fraud scheme, according to a statement released Tuesday by Denver District Attorney John Walsh. The couple faces 40 criminal charges related to the sale of INDXcoin to over 300 investors.

Between January 2022 and July 2023, the Regalados promoted the INDXcoin cryptocurrency through the Kingdom Wealth Exchange platform, targeting religious communities. Authorities claim the token had no real value and that a significant portion of the raised funds—approximately $1.3 million—was used for personal expenses, including home renovations.

The investigation was conducted in collaboration with the Colorado Division of Securities and the Colorado Attorney General’s Office. District Attorney Walsh stated that the charges represent a significant step toward holding the Regalados accountable and delivering justice to the victims.