US Pastor Sells ‘Worthless’ Cryptocurrency To Christian Community
A pastor in the United States (US) is facing fraud charges for allegedly pocketing US$1.3 million (S$1.7 million) through the sale of a ‘worthless’ cryptocurrency he and his wife created.
The pastor allegedly told Christian community members that God told him those who invested in the token would turn rich.
Source: Molly White on YouTube
The pastor has since put out a video admitting to the charge and saying he might have misheard God.
US pastor sells cryptocurrency he created to Christian community
According to a press release issued by the Colorado Department of Regulatory Agencies, the pastor — identified as Eli Regalado — is facing civil fraud charges filed by the Colorado Attorney General’s Office.
Mr Regalado and his wife Kaitlyn had allegedly sold INDXcoin, a cryptocurrency they created, to members of the Christian community.
The couple, who run an online church, did so through an online exchange that they created, controlled, and operated.
In the 10 months between June 2022 and Apr 2023, 300 people invested more than US$3.2 million (S$4.29 million) in the token.
Mr Regalado allegedly told Christian devotees that he had heard directly from God, telling him that people would become rich if they invested in INDXcoin.
Commissioner called cryptocurrency ‘worthless’
The commissioner who filed the complaint, however, called the token “essentially worthless” and…
