Colorado pastor couple charged with $3.4 million cryptocurrency fraud

According to Golden Finance, an online pastor and his wife in Denver, Colorado, have been charged with a cryptocurrency fraud that raised over $3 million from religious investors. Online pastor Eli Regalado and his wife Kaitlyn have been charged with 40 counts stemming from what Denver district prosecutor John Walsh called a "multi million dollar cryptocurrency fraud case. It is reported that between January 2022 and July 2023, the Legarados couple raised nearly $3.4 million by encouraging members of their religious network to purchase INDXcoin (a token they created and sold through the Kingdom Wealth Exchange platform). They spent at least $1.3 million on personal expenses, including a home renovation allegedly instructed by 'God', with only a small portion of the proceeds used for commercial investment. According to the indictment, at least 300 people invested in the token, which authorities claimed had "zero value" and resulted in all investors losing money.