Crypto Scandals: US Pastor Promises Wealth From God While Widow Loses $17 Million to Romance
The post Crypto Scandals: US Pastor Promises Wealth From God While Widow Loses $17 Million to Romance appeared on BitcoinEthereumNews.com.
Two high-profile crypto-related scandals are in the headlines today, exposing how faith and trust in both religion and relationships were allegedly exploited to perpetrate multimillion-dollar frauds. The report comes amid increased crypto crime, this time going beyond kidnappings and mutilations. Pastor Couple Accused of Defrauding Flock With ‘God-Inspired’ Crypto Scheme In Denver, Pastor Eligio “Eli” Regalado and his wife, Kaitlyn, face 40 criminal charges, including theft, securities fraud, and racketeering. Prosecutors allege the couple scammed their Christian followers out of $3.4 million. Reportedly, the spiritual leader promoted a worthless cryptocurrency called INDXCoin under the pretense of divine guidance. According to the Denver District Attorney’s Office, only a “small amount” of the funds went toward the crypto project. At least $1.3 million was allegedly funneled into the couple’s expenses, including home renovations, vacations, flights, and luxury goods. In statements to investors, the Regalados said they were acting on instructions from “the Lord.” “The complaint alleges that Regalado targeted Christian communities in Denver and claimed that God told him directly that investors would become wealthy if they put money into INDXCoin,” said Colorado Securities Commissioner Tung Chan, who brought civil charges against the couple. Prosecutors assert that the cryptocurrency has “zero value” and that all 300 investors lost their money. Meanwhile, the Regalados argue that INDXCoin is a “utility coin” for accessing online faith-based communities and does not require registration with regulators. They maintain they acted on sincere religious beliefs and did not intend to defraud. Arrested earlier this month, the couple is out on a $100,000 property bond and under intensive pretrial supervision. They also await a judge’s decision following a bench trial held in May. $17 Million XRP Theft Targets Widow of Country Legend George Jones Elsewhere, and involving a case of personal betrayal, Tennessee authorities arrested 58-year-old Kirk West.…
