The Role of INDXcoin in the Crypto Scheme
In total, the Regalados raised over $3.2 million from over 300 people to benefit their scheme. According to prosecutors cited in the Denver Post, the husband and wife duo then spent a large portion of the funds on a Range Rover, home renovations, cosmetic dentistry, and more.
Meanwhile, the couple knew that INDXcoin was essentially worthless after a report by the auditor Hacken called INDXcoin code “unsafe, unsecure and riddled with serious technical problems,” and gave it a rating of “zero out of 10.”
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Cryptonews Altcoin News Judge Orders Continued Freezing of Colorado Crypto Pastor’s Accounts After $3 Million Crypto Fraud Scheme
Judge Orders Continued Freezing of Colorado Crypto Pastor’s Accounts After $3 Million Crypto Fraud Scheme
Julia Smith
Julia Smith
Courtesy: #Write2Earn
A Colorado pastor and his wife accused of orchestrating a $3 million crypto fraud scheme have been barred from selling crypto in the state and will continue to have their accounts frozen by regulators, a judge presiding over the case ruled this week.
Uncovering the $3 Million Crypto Fraud
Just over a week ago, Pastor Eli Regalado and his wife, Kaitlyn Regalado, were charged with fraud by the Colorado Division of Securities upon discovering the couple had pocketed $1.3 million worth of crypto.
The Regalados launched their own cryptocurrency called INDXcoin through the Kingdom Wealth Exchange, a faith-based crypto exchange also created by the couple.
“Regalado targeted Christian communities in Denver and claimed that God told him directly that investors would become wealthy if they put money into INDXcoin,” a press release from the Colorado Division of Securities reads.
The Role of INDXcoin in the Crypto Scheme
In total, the Regalados raised over $3.2 million from over 300 people to benefit their scheme. According to prosecutors cited in the Denver Post, the husband and wife duo then spent a large portion of the funds on a Range Rover, home renovations,