It’s about young pastor Eli Regalado. He along with his wife Kaitlyn Regalado who is also a pastor of their own online church is being sued because they sold millions of dollars in ‘valueless’ INDXcoin cryptocurrency through their online church community to people. Pastor Regalado admitted in the video that INDXcoin run by himself and his wife currently have no way to cash out the funds they have invested. It is stated in the video that the exchange technology had failed and that they had been waiting on the Lord for a miracle.
According to BusinessDen, The Regalados are accused of using the INDXcoin funds to spend lavishly on personal expenses such as a Range Rover, jewelry, luxury handbags, and more, while telling the investors the funds would go to causes helping widows and orphans. Eli Regalado openly admitted that they pocketed $1.3 million and used it for themselves and some of it also went to the IRS. Both Regalados claim to be ordained ministers with Destiny Churches and Ministries International. The Regalados are due in Colorado District Court on January 29th for an initial hearing where a judge has frozen their bank accounts and the associated businesses after a civil complaint was filed against them.
The Regalados are facing serious consequences over the scam that has affected a significant number of people. It’s a high-profile case with potentially major consequences for the former pastors, and it’s raising a lot of controversy and debate online. The investigation into this case is still ongoing and will continue to attract public attention. The public has a big interest in this case and will be watching to see how it all unfolds.