Colorado priest had flock purchase 3.2 million dollar worth of crypto coin to fund luxury lifestyle
Last Updated on 21 January 2024 by CryptoTips.eu
Priests with private jets, luxury lifestyles who are preaching in majestic churches. Religion is a seriously profitable business in the United States. A few years ago there was the story of New Orleans priest Jesse Duplantis who asked his flock for an additional $54 million to upgrade his fleet of private jets (he already had three) to a Falcon 7x because it could fly further without stops. According to Jesse this would allow him to spread the word of God even faster.
Other priests with their own television programs and online followers have clearly learned from this and have modernised. By now, donations in crypto coins are also allowed.
Bitcoin and Tether
In Denver, Colorado, authorities this week seized the assets of priest Eligio “Eli” Regalado and his wife Kaitly, who funded their lavish lifestyle by selling INDXcoin, a digital currency backed only by ‘the word of God’ .
A Colorado pastor and his wife, Eligio "Eli" Regalado and Kaitlyn, have been accused of fraudulently raising $3.2 million through a crypto token called INDXcoin, which they marketed to devout Christians and claimed was made because of God's instruction.https://t.co/58POsPJtFo
— parzivalkairav.eth 👑💎🔨🗿🎯 (@kairavweb3) January 20, 2024
The faithful from his parish bought about 3.2 million dollars of the worthless cryptocurrency.
It was sold on a specially set up crypto platform called Kingdom Wealth Exchange, which the couple fully controlled. They told their followers that INDXcoin was linked to other digital currencies such as Bitcoin and Tether and would therefore fluctuate very little in value.
It turned out however that not much was left of the initial $3 million at the time of the seizure by the authorities.
The Regalados are now accused of stealing some $1.3 million. According to the indictment, the money was spent on luxury handbags, cosmetic dentistry, snowmobile adventures, an au pair, home renovations, luxury vacations and many other items that are not church-related.
The priest posted a message on the INDXcoin website this week and admitted:
The charges are that Kaitlyn and I pocketed $1.3 million, and I just wanted to come out and say that those charges are true. But out of that $1.3 million, half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel that the Lord told us to do.
