A Colorado-based pastor for an online ministry sold INDXcoin to his followers and others in the Christian faith. However, there was no way for buyers to cash out the tokens. Meanwhile, Regalado and his wife spent the money on a Rolls Royce, jewelry, and designer handbags — and, according to Regalado, "a home renovation the Lord told us to do."
Regalado posted a video to his supporters explaining that he had been sued by the Colorado state securities regulator. "So the charges are that Kaitlyn and I pocketed $1.3 million, and I just want to come out and say that those uh charges are true," said Regalado in the video, presumably causing a cold chill to run down the spine of his defense attorney in the middle of whatever he was doing.
According to Regalado, God told them to first invest in a separate coin, which turned out to be a scam. Then, says Regalado, God told him to make his own currency, which Regalado called INDXcoin, "but also give them a 10x". Who knew God was a degen! Regalado had told investors that the funds would be going to "widows and orphans", but spent most of it on himself and his wife.