A Colorado pastor and his wife have been indicted for orchestrating a $3.4 million cryptocurrency scam that preyed on the trust of their religious community. Eli Regalado, a Denver-based online pastor, and his wife Kaitlyn face 40 criminal charges over what prosecutors call a “multi-million-dollar fraud.”

From January 2022 to July 2023, the couple allegedly raised millions by promoting a cryptocurrency called INDXcoin through a platform they created called Kingdom Wealth Exchange. They encouraged members of their Christian network to invest, claiming that God told them the coin would bring wealth to believers. However, according to prosecutors, INDXcoin was essentially worthless.

More than 300 people invested in the token, suffering total losses. Authorities revealed that at least $1.3 million of the funds were used for personal expenses, including home renovations the Regalados said were “directed by the Lord.”

Denver District Attorney John Walsh emphasized that the indictment is a step toward justice for the victims. Colorado Securities Commissioner Tung Chan condemned the couple for exploiting faith to sell false hopes of riches, saying Regalado peddled “outlandish promises” to those who trusted him.

This indictment follows earlier fraud charges filed in January 2024. It also highlights a broader trend of crypto scams targeting unsuspecting retail investors. In a separate case this year, the FBI arrested a New Zealand man for allegedly stealing $265 million in digital assets to fund a luxury lifestyle.

The Regalados now face significant legal consequences as Colorado authorities pursue justice for the hundreds misled in this faith-based crypto fraud.