A pastor stole $1.3 million from his followers using cryptocurrency

An American pastor has been accused of stealing more than $1.3 million from his followers using cryptocurrencies.

Eli Regalado is a pastor from Denver, Colorado, who gained the trust of his parishioners after several months of prayer and reflection.

However, one day he surprised them by claiming that God had sent him a sign so that people could invest in this virtual currency and become rich.

INDXcoin was able to raise almost $3.2 million, but at least $1.3 million went into the priest's pockets for his personal benefit.

The case reached Denver County District Court, where a civil fraud lawsuit filed by the Colorado Securities Commissioner was heard.

“We allege that Mr. Regalado exploited the trust and faith of his own Christian community and sold them extravagant promises of wealth as he entangled them in cryptocurrencies that were virtually worthless,” said Commissioner Tung Chan.

The “Lord” asked him to use this money

Following the allegations, Pastor Eli Regalado appeared in a video in which he justified his actions because he supposedly received this order from “God.”

“Of the $1.3 (million), half a million went to the Treasury and a few hundred thousand went to the house remodeling that the Lord told us to do,” he said.

But that wasn't all, as the complaint revealed that the priest also used the funds to purchase a Range Rover, luxury bags and jewelry, as well as boat rentals and snowmobile adventures.

The securities department explained that this cryptocurrency was “illiquid and virtually worthless,” so this pastor deceived about 300 followers with false promises of getting rich.

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Additionally, this virtual currency was sold through Kingdom Wealth Exchange, an online cryptocurrency market created and controlled by the priest.

“We took God at his word and sold a cryptocurrency with no clear way out. We still believe that God will perform a miracle in the financial sector,” the man said.

Despite the obvious fall, many members of his Victorious Grace church still trust that God will “turn the situation around” and help them multiply their money.

The priest also does not lose hope of getting back the money of all his believers and hopes that God will help them solve this problem.

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