In a 9-minute video posted on the official INDXcoin website, INDXcoin founder and pastor Eli Regalado told users in the INDXcoin community that he admitted to charges that he and his associates embezzled $1.3 million.
On January 18, Eligio Regalado and his partner Kaitlin Regalado were charged with fraud for issuing and marketing a false token called “INDXcoin” to their followers, according to a statement from the Colorado Securities Commission. The regulator said that from June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 investors through a platform called Kingdom Wealth Exchange. (Cointelegraph)