The Colorado Attorney General’s Office has filed a lawsuit against the founders of cryptocurrency INDXCoin, alleging they fraudulently used congregation investments for personal gain.

Eli and Kaitlin Regalado, founders of INDXCoin and prominent religious leaders, are facing allegations of fraud, as stated in a lawsuit by the Colorado Attorney General’s Office. The lawsuit accuses the couple of using investment funds from their congregation for personal expenses, including home renovations.

INDXCoin, originally marketed as a utility coin linked to the top 100 cryptocurrencies, has now come under scrutiny as the Attorney General’s complaint alleges that Eli Regalado, a pastor, specifically targeted Christian communities in Denver, promising divine financial rewards for investing in INDXCoin.

The lawsuit further highlights the Regalados’ lack of experience in cryptocurrency, leading to INDXCoin becoming “illiquid and practically worthless,” according to Colorado Securities Commissioner Tung Chan.

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Author: Bralon Hill

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