The Denver-based leader of an online church, Victorious Grace Church, is implicated in a scheme involving the sale of the essentially worthless INDXcoin cryptocurrency, pocketing a significant portion of the funds. As reported by The Denver Post, Eli Regalado, the mind behind INDXcoin and the Kingdom Wealth Exchange, faces accusations of securities fraud.
Regalado is alleged to have misled digital investors by assuring them that buying his coin would quickly result in a "miracle." He used his religious sermons and persuasive language to convince followers that investing in INDXcoin was a step towards "the kingdom," promising substantial financial returns.
By November 2023, the exchange and the cryptocurrency venture had ceased operations, leaving investors in the dark.
The lawsuit filed in Denver District Court by Tung Chan,
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First found on: Denver Online Church Leader Faces Fraud Charges for Selling Worthless Crypto
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