Pastor's Crypto Venture Collapses, Investors Lose Millions
Eli and Kaitlyn Regalado created INDXcoin, claiming God directed them to sell it to Christian communities. Over 500 investors contributed more than $3 million, but the project collapsed within a year, leading to accusations of fraud and total losses.
The Regalados, who lacked any prior cryptocurrency expertise, claimed to receive divine instructions through various means, including prophetic dreams and shower-time revelations. They marketed INDXcoin through their personal networks within evangelical Christian communities, leveraging trusted relationships to attract over 500 investors.
Among the victims were retirees like Debbie and Jose Bonilla, who withdrew $70,000 from their retirement savings based on a minister friend's recommendation. The collapse coincided with a broader surge in crypto fraud, as global scam losses reached $14 billion in 2025, with U.S. victims reporting $7.2 billion in losses.
This case could erode trust in faith-based financial ventures, particularly among older, close-knit religious communities who may rely on pastoral guidance for major decisions. It may also highlight the vulnerability of retail investors to unregulated digital assets, potentially prompting stricter scrutiny of crypto offerings marketed through trusted social networks. The reputational damage to legitimate religious fundraising and the broader crypto sector could discourage future participation, while victims may face long-term financial and emotional distress.