INDXcoin Collapse: How a ‘God‑Driven’ Crypto Swindled Over $3 Million from Faithful Investors

INDXcoin: The Rise and Collapse of a Faith‑Based Crypto Scheme

When Eli Regalado claimed a divine voice instructed him to “sell crypto,” the message quickly turned into a fundraising pitch. He and his wife, Kaitlyn, launched INDXcoin in late 2021, promising a God‑sanctioned wealth transfer to believers. Within months, more than ↓ 500 investors handed over ↓ $3 million through church networks and personal contacts.

Federal prosecutors later described the operation as a “fraudulent solicitation” that vanished after the couple disappeared with the cash.

“Investors were told the coin was a heavenly mandate, not a market instrument,”

a court filing noted. The case has sparked renewed scrutiny of religious‑flavored crypto offerings, a sector that regulators say is ripe for abuse.

Authorities are now tracing the funds, while victims await restitution. The episode underscores the perils of mixing faith with unregulated digital assets, a warning echoed by the Reuters and AP News investigations.

Intel provided by: Leo Carmichael

Special Assignments Reporter
(Note: Leo Carmichael is covering this desk while Chloe Winters is recovering from the flu.)