Summary
Eli Regalado, a Denver pastor being sued by Colorado’s securities commission for selling “valueless” INDXcoin cryptocurrency, has responded to the allegations in a video uploaded to INDXcoin’s community forum. Regalado admits that the investors currently have no way to cash out their funds and blames the failure of the exchange technology. He claims to be waiting for a miracle from God to make investors whole. The Regalados are accused of using the funds for personal expenses while telling investors it would go to charitable causes. The couple’s bank accounts have been frozen, and they are due in court on January 29th.
Key Points
1. Eli Regalado, a Denver pastor, is being sued by Colorado’s securities commission for selling millions of dollars in ‘valueless’ INDXcoin cryptocurrency.
2. Pastor Eli Regalado admits in a video response that investors currently have no way to cash out their invested funds in the cryptocurrency.
3. The Regalados are accused of cashing out INDXcoin funds for personal expenses, such as a Range Rover and luxury items, while misleading investors by claiming the funds would go towards charitable causes.