Thought this was pretty funny... Church Allegedly Issued Crypto Token Backed by Nothing But God's Word A Colorado couple had their assets frozen by a state judge after making millions on a cryptocurrency they say they created at God’s command. By Sander Lutz Jan 19, 2024 4 min read Image created by Decrypt using AI A Colorado pastor and his wife are in hot water this week after allegedly making away with millions of dollars raised through a crypto token they marketed to devout Christians—and claimed was made because of God’s instruction. The Denver-area couple, pastor Eligio “Eli” Regalado and his wife Kaitlyn, reportedly raised some $3.2 million through sales of INDXcoin, a crypto token that they issued through an online church, Victorious Grace. Earlier this week, Colorado’s Securities Commissioner sued the couple, claiming they fraudulently deceived investors and illegally sold securities without proper registration. On Thursday, a Colorado judge froze the assets of Victorious Grace Church based on those allegations. According to legal filings made by the state, the Regalados claimed that INDXcoin was pegged to an index of cryptocurrencies, and backed by enough assets to secure that peg. In reality, the Colorado Securities Commission alleges, the coin was backed by almost nothing—save God’s word. AI Reverends Lead a Church Congregation of 300 in Germany In an extraordinary confluence of technology and faith, over 300 Protestant Christians congregated in Germany for a unique church service orchestrated largely with AI tools. The 40-minute service—encompassing prayer, sermons, blessings, and hymns—saw the parishioners shepherded by an assembly of digital disciples: four ChatGPT-led avatars, composed of two young women and two young men. AI isn't confined to just Christianity, either. People are already interacting with GPT-powered versions of dif... NewsArtificial Intelligence 2 min read Jose Antonio LanzJun 13, 2023 “Defendant Eli leveraged the potential investors’ faith,” the complaint said. “He stated that their investments’ success was guaranteed by God.” From the start, the Regalados insisted that INDXcoin was not a security offering, but instead a utility coin, and therefore exempt from securities regulations. According to legal filings, when several experts rebuffed that claim and told the Regalados that INDXcoin was in fact a security offering, the couple attempted to invoke a power higher than that of the Howey Test. “[We] wasted a lot of time trying to work with the world’s experts,” Eli Regalado posted on a community forum for INDXcoin holders last May, according to the filing. “[They said] what Eli and Kaitlyn are doing is a security, but God says, ‘No, it’s a utility coin.’” INDXcoin was only able to be exchanged for USD through Kingdom Wealth Exchange, a platform that the Regalados also controlled and, Colorado regulators say, routinely shut down to avoid a bank run. When some investors began growing wary of INDXcoin’s lack of returns and considered fully cashing out, Eli Regalado reportedly told them that God was telling him that everyone should HODL. “Defendant further told investors that God was telling him to tell investors to “tay where you’re at. Stay in INDXcoins. Stay with where I’m telling you to go. I’m going to make a way,” the complaint reads. The Regalados eventually shut down the Kingdom Wealth Exchange last year, after claiming there were not enough active “stakers” to keep it running. The couple then relayed to INDXcoin holders that God had told them that everyone should stay invested in the coin, and not ask questions. In the course of raising over $3 million, the Regalados allegedly pocketed $1.3 million, which they spent on luxury handbags, cosmetic dentistry, snowmobile adventures, an au pair, home renovations, luxury vacations, and other items. Decrypt reached out to the Regalados but did not immediately receive a response. In a video posted to the INDXcoin community site Friday evening, Eli Regalado addressed the situation publicly for the first time. Hackers Steal Over $4 Million in Fake Airdrops and Other Scams on Solana Two wallet drainers have successfully stolen millions of dollars worth of crypto assets from Solana users in the last month alone, according to a new report based on public blockchain data. Deployers of both programs, Rainbow Drainer and Node Drainer, have stolen a combined $4.17 million worth of assets from 3,967 Solana wallets since late November, according to analysis by Scam Sniffer and crypto analytics platform Dune. The majority of those thefts have occurred since mid-December. Malicious a... NewsDeFi 3 min read Sander LutzJan 15, 2024 “The charges are that Kaitlyn and I pocketed $1.3 million, and I just wanted to come out and say that those charges are true,” Regalado said. “But out of that $1.3 [million], half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel that the Lord told us to do.” Regalado also clarified that when God approached him about creating INDXcoin, Regalado initially had concerns about the token’s liquidity—to which God replied, according to the pastor, “Trust me.” The couple will next face a hearing on January 29 regarding the Colorado Securities Commissioner’s request for a preliminary injunction. At the hearing, state officials will likely expand on arguments as to how the Regalados violated state securities laws. Whether prosecutors will be able to prove that God did not speak to the Regalados about utility coins is another matter. Edited by Andrew Hayward
Why are all those paragraphs crossed out? And why does that website post those really stupid, fake photos that have no connection to the story, and no connection to anything in the real world?
Hey man, most churches now are businesses. And that's why you see pastors living in mansions and driving Ferarris. It's insane how people use Gods name for profit. No wonder they are always shouting "Hallelujah" while they are in session
It is about 2 people being charged for what other allowed to do. This is not justice but witch hunt. if nothing is wrong with XRP then nothing is wrong with god token.