Eli Regalado and his wife, Kaitlyn, have been charged with scamming Denver-area parishioners out of more than $3 million in a cryptocurrency scam.

God told me investors would get rich…

Eli Regalado

Eli and Kaitlin ran Kingdom Wealth Exchange, a cryptocurrency exchange platform, and marketed INDXcoin as a highly profitable security. INDXcoin proved to be another worthless crypto having no backing and no assets behind it.

Another Worthless Crypto, Another Day

According to Regalado, “The reason that [Colorado] is saying that it’s worthless is because there is no exit for people who have bought,” he essentially admitted the crypto they setup was no investment and only a way for him to scam money. Regalado then picked up the cross and wrapped himself in vestments waiting for the Lord to provide a way out of his scheme, “We launched an exchange. The exchange technology failed. Things went down hill, and from that point forward, we’ve just been waiting on the Lord literally for a miracle.”

While many folks have seen crypto for the scam it is, there are a lot of people still trying to make it make sense. Unfortunately, people’s real money get caught up in very unreal currencies.

Range Rovers and a Remodel

The Regalados had no experience in cryptocurrencies, running technology platforms, or trading securities. After the Lord told him to scam Denver parishioners, the Almighty apparently told him to pay his taxes. After lifting $1.3 million themselves, Regalado paid half of it to the IRS and used $200,000 of the remaining to remodel their house. Because, the Lord told him to.

…out of that $1.3m, half of it went to the IRS and $200,000 went to a home remodel that the Lord told us to do.

Eli Regalado

You’d hope people would get wise to Eli and Kaitlyn Regalados malfeasance but people are blinded by religion. Parishoners were, “sending prayers up,” and encouraging the couple to, “hang in there, stay strong,” while others have probably lost their money forever.

With cryptocurrency exchanges trading $296 billion in the last 24 hours, people will still buy and sell crypto looking to get rich quick while losing their shirts in the process.

-MJ