Denver pastor Eli Regalado has responded to the accusations in a video that he has posted. He is presently the target of a lawsuit brought by Colorado’s securities commission for allegedly scamming investors through the selling of the worthless cryptocurrency known as INDXcoin.
In the video, Regalado describes the difficulties they have encountered with their malfunctioning exchange equipment and acknowledges that investors are unable to cash out their investments.
He says he’s been waiting for God to work a miracle to get things straight.
“We started an exchange, the technology for the exchange broke down, and things went south. Since then, we’ve been genuinely waiting on God for a miracle.”
Regalado and his spouse, Kaitlyn, declare on their Facebook profile that they are ordained ministers with Destiny Churches and Ministries International. Their Victorious Grace Church is an online-only church.
With one thousand followers, Destiny Churches has advertised INDXcoin on its own Facebook page.
The Regalados face accusations of misrepresenting the purpose of the INDXcoin funding, saying they would support widows and orphans, while spending the money on designer handbags, jewellery, and a Range Rover for personal use.
Regalado acknowledges on the video that he and his spouse took home $1.3 million, so confirming the accusations made against them.
He clarifies that while a sizeable amount of the money,roughly half a million dollars was given to the IRS, a few hundred thousand dollars were utilised for home renovations they felt were mandated by God.
Regalado emphasises that they sold a coin with no clear exit strategy while expressing optimism for a heavenly miracle that will make investors whole.
Though he is aware that the prosecution would claim that they sold a cryptocurrency with no clear strategy of escape, he is still hopeful that God will perform a financial miracle and help INDXcoin achieve success.
All investors, he thinks, will eventually be able to get their money back.