Eli Regalado, an online-church pastor in Colorado has been charged by the state security and exchange commission for stealing 1.3 million dollars through a crypto fraud scheme.and he is blaming God for why he did it.
In a recent post to a community board on the INDXcoin website, he went into detail about how he and his wife found themselves in this position and even what they did with some of the money.
According to the sec the Pastor and his wife Kaitlyn also used the money on a range rover, luxury handbags, jewelries and other vacation rentals.
For those who don’t know, A rug pull is a type of exit scam that involves a team raising money from investors and the public by selling a token only to quietly shut down the project or suddenly disappear, stealing the raised funds and leaving “investors” (i.e., their victims) with worthless tokens
How he scammed
For the past few years, Eli Regalado and his wife raised nearly $3.2 million from their cryptocurrency INDXcoin which they marketed and sold to Christian communities in Denver, saying that if they invested God would grant them wealth, according to a statement by state security and exchange commission. According to him as money was coming in they were sowing and tithing, thinking that the supply will not end. But their cryptocurrency was illiquid and practically worthless and only available on a platform that the couple recently put an end to, meaning the currency could not be used anywhere.
Addressing this once again Eli said in his eight-minute-long video that God asked him to do it or he must misheard God. And he went on to say that God is not done with the project and “We are waiting for a miracle to happen”
