A Denver grand jury has indicted Eli and Kaitlyn Regalado on 40 counts of theft, fraud, and deceit for allegedly perpetrating a cryptocurrency scam that targeted churches. From January 2022 to July 2023, they solicited nearly $3.4 million from investors for their INDXcoin through the Kingdom Wealth Exchange. The Regalados promised investors substantial returns, but the INDXcoin ultimately had no value, leading to over 300 investors losing money. The couple reportedly used $1.3 million of the proceeds for personal expenses, including home renovations. The indictment highlighted that the Regalados misrepresented the viability of INDXcoin, claiming it was backed by assets when it had no real value. Despite these allegations, Eli Regalado previously indicated in a video that he believed the venture was divinely inspired.

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