A grand jury has indicted a couple for creating a Christian-themed cryptocurrency scam and defrauding investors out of over $3 million.
The indictment, filed in Denver District Court, charges Eligio Peter Regalado and his wife, Kaitlyn Marie Regalado, with 40 felony counts. The couple founded an online church called Victorious Grace Church.
The couple is accused of violating the Colorado Organized Crime Control Act, theft, and multiple counts of securities fraud. They allegedly concocted a fake investment scheme targeting Christians and used the proceeds to live a lavish lifestyle. The Regalados “knowingly conducted or participated, directly or indirectly, in the enterprise through a pattern of racketeering activity,” the indictment alleges.
The couple marketed INDXcoin as a faith-driven investment opportunity. They deceptively claimed it was backed by a sophisticated algorithm. Eli Regalado said that “God had directed him to start a new cryptocurrency,” and characterized it as some sort of divine wealth transfer. The organization’s whitepaper claimed INDXcoin offered “a less volatile and risky coin to hold” and “provides holders with an unparalleled risk-to-return ration.”
However, despite the couple’s claims, the cryptocurrency had no actual value and was not backed by anything. Instead of using investors’ funds to build the infrastructure, they allegedly swiped at least $1.3 million for their personal use. These included “home renovations, their daily living expenses, food, merchandise at high-end retail stores, clothing, cosmetics,” and even “payments for the services of an au pair.”
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The indictment alleges that the couple did not tell investors that INDXcoin “was not ‘pegged’ to a certain value or the average of the top-100 cryptocurrencies in the world, but instead was backed by essentially no assets whatsoever.”
Those who invested in the cryptocurrency were led to believe they were funding a divine financial revolution. In reality, the money was funneled into private bank accounts, according to the indictment.
“It was last October [20]21, that the Lord brought this cryptocurrency to me. He said ‘Take this to my people for a wealth transfer,’” Eli said.
In a video posted online, Eli acknowledged that INDXcoin was a scam. “Caitlin and I are being charged in a civil charge from the Colorado Securities and Exchange Commission for basically selling millions of dollars worth of cryptocurrency that is deemed worthless by the state,” he said. “Now the reason that they’re saying that it’s worthless is because there is no exit for people who have bought.”
Eli stated that they tried to launch an exchange platform, but the technology had failed. “Things went downhill, and from that point forward, we’ve just been waiting on the Lord—literally for a miracle,” he continued.
Eli Regalado and his wife, Kaitlyn Regalado, were indicted on 40 felony counts related to a $3.4 million cryptocurrency scam. They led online-only Victorious Grace Church. They claimed God told them to promote & sell INDXcoin. https://t.co/FYq3sKsdcl pic.twitter.com/5opfk62e9w
— Fly Sistah 🪷 (@Fly_Sistah) July 27, 2025
Then came a striking admission: “The charges are that Caitlin and I pocketed $1.3 million, and I just want to come out and say that those charges are true.”
He further explained that “Half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel that the Lord told us to do.”
“We sold a cryptocurrency with no clear exit. We did,” Eli said. “We took God at his word and sold a cryptocurrency with no clear exit.”
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