Challenges Faced by Pastor Regalado and Destiny Churches
Denver pastor Eli Regalado, currently embroiled in a lawsuit over allegations of defrauding investors with the INDXcoin cryptocurrency, has addressed the accusations in a video statement. Regalado acknowledges the difficulties investors have encountered in withdrawing their funds due to the failure of the exchange technology, expressing his reliance on divine intervention to resolve the situation. He shares, “We launched an exchange, the exchange technology failed, things went downhill, and from that point forward we’ve just been waiting on the Lord literally for a miracle.”
Regalado, alongside his wife Kaitlyn, affiliates themselves with Destiny Churches and Ministries International, with their online church, Victorious Grace Church, emphasizing their ordained minister status. The couple faces allegations of misusing INDXcoin funds for personal gain, acquiring luxury items while promising charity to widows and orphans. In the video, Regalado admits to the accusations, revealing that they diverted $1.3 million from the cryptocurrency. A portion of the funds was reportedly allocated for IRS payments and a home renovation prompted by their belief in divine instruction.
Despite the charges brought against him, Regalado maintains hope for a resolution through a miraculous intervention, underscoring the absence of a clear exit strategy for INDXcoin investors. He remains optimistic that all investors will eventually recover their investments.
Support for Regalado amidst Legal Proceedings
Responding to the video, comments from viewers express support and faith in Regalado’s sincerity and commitment to a positive outcome. One commentator believes that God’s glory will be evident in the situation, a sentiment echoed by Regalado. Another commenter praises Regalado for his transparency and encourages perseverance during trying times.
Following the regulatory action, the bank accounts of the Regalados and their businesses have been frozen by Judge David Goldberg, pending further legal proceedings. The couple is slated to appear in Colorado District Court to address the charges against them on January 29th.
Recent legal battles in the cryptocurrency realm, including the SEC’s scrutiny of Terraform Labs and the case involving Coinbase, shed light on the evolving regulatory landscape surrounding digital assets. Concerns have been raised about the broad scope of regulatory authority and its potential impact on various market sectors.
