Crypto

A Colorado pastor accused of pocketing $1.3 million in cryptocurrency scam says the Lord encouraged him to use funds for a home remodel

Published

4 months ago

January 23, 2024

A Colorado pastor accused of pocketing $1.3 million in cryptocurrency scam says the Lord encouraged him to use funds for a home remodel

A Colorado pastor and his wife are being accused of selling “practically worthless” crypto.
Eli Regalado said many of the charges were true but insisted it was a result of his inexperience.
Regalado also said the Lord told him to use investor funds to remodel his home.

A Colorado pastor facing civil fraud charges related to his cryptocurrency business admitted to pocketing $1.3 million but says he used part of it for a biblically ordained home remodel.

Eli Regalado and his wife, Kaitlyn Regalado, are being sued in Denver District Court by Colorado Securities Commissioner Tung Chan, who accused the couple of targeting Christians to invest in their cryptocurrency INDXcoin, despite it being “illiquid and practically worthless,” according to a press release from the Colorado Department of Regulatory agencies.

Local outlet BusinessDen first reported on the lawsuit on Thursday.

“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” Chan said in a press release. “New coins and new exchanges are easy to create with open-source code. We want to remind consumers to be very skeptical.”

The lawsuit seeks to recoup losses that Chan claims investors incurred and have a constructive trust placed on the remodeled home — a court remedy for those found liable for unjust enrichment.

In a Friday response on the INDXcoin website, Regalado spoke about the lawsuit, saying that it was true that they had ‘sold a cryptocurrency with no clear exit,’ but stated that God directed him and that missteps were made due to inexperience. Regalado also noted that his goal was to get investors their money back.

“So the charges are that Kaitlyn and I pocketed $1.3 million, and I just want to come out and say that those charges are true,” Regalado said in his video address. “So there’s $1.3 million that’s been taken out of — I think it was a total of 3.4 million. But out of that 1.3, half a million dollars went to the IRS and a few $100,000 went to a home remodel that the Lord told us to do.”

The Regalados declined to comment to Business Insider.

A crypto investment better than heaven

Regalado operates the online Victorious Grace Church, which has no physical location. In August of 2022, he came to his congregation over a video call to deliver a message that the Lord instructed him to get into cryptocurrency, per court documents obtained by Business Insider. He and his wife founded INDXcoin and Kingdom Wealth Exchange — a platform to buy and sell crypto.

“It was last October ’21 that the Lord brought this cryptocurrency to me,” Regalado told his congregation over video broadcast, per court documents. “He said ‘take this to my people for a wealth transfer.’”

Chan writes in the complaint that Regalados sold nearly $3.4 million in crypto in 2022 and part of 2023. Per the complaint, the couple assured prospective investors that INDXcoin was “safer than other currencies.”

Chan writes in the lawsuit that around 30 million coins were in circulation, sold for $1.50 a coin, with the promise that each coin was worth at least $10. The Regalados had, at most, $30,000 backing the coins — far less than the $300 million worth of assets they should have had.

Regalado addressed why he valued the coins at 10 times the amount: The Lord told him to.

“If someone bought $1,000 worth of INDXcoin, we would basically give them an INDX amount of $10,000 — so 10x on top of it,” Regalado said. “And I’m like, ‘Where’s this liquidity gonna come from’ and the Lord says, ‘Trust me.’”

According to the complaint, Kingdom Wealth Exchange and INDXcoin were eventually shut down in November of 2023 because they did not have the liquidity available.

The Regalados assured investors worried about their money that it would soon come.

“Stay in INDXcoins…just take that word as gospel truth and execute on that word and do not worry about how the money’s going to happen. I really believe you’re going to see a miracle in very short order,” Regalado told investors in a video call, per the lawsuit.

However, the Regalados had pocketed at least $1.3 million in investor money to spend on luxury items, cosmetic dentistry procedures, an au pair, home renovations, and boat and snowmobile rentals, per financial records subpoenaed by Chan’s office. The couple also used investor funds to finance a Range Rover and pay off a loan on a Ford F-150.

According to court documents, an additional $290,000 was sent to their online church — of which the couple are the sole beneficiaries. The lawsuit claims the Regalados told investors they were sowing this money into charitable causes.

“Defendants have ensured that the investors will never recoup their funds because they took the investment money for their own benefit,” the lawsuit reads.

Judge David Goldberg, overseeing the civil case against the Regalados, ordered their bank accounts be frozen for 14 days and that the couple stop selling securities in the state while the case continues.

The couple has an upcoming hearing on January 29.

Related Topics:advertisement chan couple crypto cryptocurrency indxcoin eli regalado fund home remodel investor lawsuit lord money new coin pastor regalados

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Crypto

Nigeria rejects Binance CEO's bribery claim as 'diversionary tactic' By Reuters

Published

1 hour ago

May 8, 2024

Press Room

Nigeria rejects Binance CEO's bribery claim as 'diversionary tactic' By Reuters

By Camillus Eboh

ABUJA (Reuters) – Nigerian authorities on Wednesday denied allegations from Binance’s CEO of soliciting bribes, saying the claim was a “diversionary tactic” and an “act of blackmail” aimed at undermining ongoing criminal charges against the company.

Binance, the world’s largest crypto exchange, and two of its executives face separate trials on charges of tax evasion and laundering more than $35 million, which the company is challenging.

Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, remains in custody while British-Kenyan Nadeem Anjarwalla has fled the country.

CEO Richard Teng in a blog post accused unidentified Nigerian officials of demanding a $150 million cryptocurrency bribe to halt the investigations.

In a statement on Wednesday, Nigeria’s Information Ministry spokesperson Rabiu Ibrahim said the claims “lack any iota of substance”. He accused Binance of attempting to undermine the country’s legal proceedings.

“It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria,” Ibrahim said.

“The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading,” he said.

Nigerian authorities claim the bribery allegations are part of a wider campaign by Binance to discredit investigations against the company, citing similar legal troubles in the United States.

Binance did not immediately comment, but in a statement on Tuesday accused Nigeria of setting a dangerous precedent after its executives were invited for talks and then detained as part of a crackdown on the crypto industry.

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Teng’s blog is the latest in a dispute that has already seen Binance close in Nigeria.

Nigeria blamed Binance for its currency problems after cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira as the country grappled with chronic dollar shortages.

Binance said in early March it was stopping all transactions and trading in naira.

Crypto

Buy or sell? Trending cryptocurrency makes 200% gains in a week

Published

8 hours ago

May 8, 2024

Press Room

Buy or sell? Trending cryptocurrency makes 200% gains in a week

Tellor (TRB) has made impressive gains in a week, up 200% month-to-date and trending in social platforms. Finbold turned to cryptocurrency indicators, looking for insights on whether this could be a buy or sell signal for TRB.

Tellor is a $355 million Oracle network and a direct competitor to Chainlink (LINK) in relaying off-chain data to cryptocurrencies. Notably, LINK has a $8.5 billion market cap – which is 24 times higher than this trending cryptocurrency.

Tellor (TRB) price analysis

TRB trades at $141.72, with 198.6% gains from a local bottom of $42.73 reached on May 1. Following this surge, technical indicators show bullish momentum, which investors could see as both a buy and sell signal.

In particular, the daily relative strength index (RSI) shows a staggering 81.78 overbought status, which often signals trend reversals. Moreover, the token trades nearly two times above the 30-day exponential moving average (30-EMA), currently making support at $76.48 after a breakout on May 2.

TRB/USD daily price chart, RSI, and 30-EMA. Source: TradingView / Finbold

Similar to the technical analysis, social indicators suggest a bullish momentum for Tellor, which could soon cause a trend reversal. On that note, Finbold gathered data from Santiment, showing TRB as the second-most trending cryptocurrency dominating the market’s social metrics.

The platform’s AI summary highlights price action, increased whale activity, and “VIP interest” as the reasons why Tellor is trending.

TRB trending data and summary. Source: *Santiment* / Finbold

Interestingly, as the price surged, social volume and social dominance reached monthly highs of 15 and 0.1%. This evidences the cryptocurrency trending momentum, but peaking social metrics for low-cap cryptocurrencies often signal local tops and reversals.

TRB trending data and summary. Source: *Santiment* / Finbold (Vini Barbosa @ *Sanbase Pro*)

However, if the momentum continues, Tellor could see further growth, seeking higher capitalization as the protocol competes for demand and market share in a multi-billionaire market of Oracle solutions.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Crypto

MetaComp and Bosera Strengthen Collaboration to Promote Bosera Cryptocurrency ETFs Among Global Investors

Published

15 hours ago

May 8, 2024

Press Room

SINGAPORE, May 7, 2024 /PRNewswire/ — MetaComp Pte Ltd and its subsidiaries (collectively referred to as “MetaComp”) and Bosera Fund Management (International) Co., Ltd. (“Bosera International”) strengthened their collaboration to introduce the eagerly awaited Bosera cryptocurrency ETF to investors worldwide.

Bosera International and HashKey Capital Limited have jointly launched the Bosera HashKey Bitcoin ETF (3008.HK) and the Bosera HashKey Ethereum ETF (3009.HK), both of which began trading on 30 April 2024 on the Hong Kong Stock Exchange. These highly anticipated products have attracted significant attention from international regulators and the global investment community since their announcement, marking a pivotal step in providing investors with regulated, diversified access to the burgeoning digital asset markets.

MetaComp, a leading Singapore fintech company licensed by the Monetary Authority of Singapore (MAS) and specializing in blockchain technology and digital assets, is proud to establish this strategic cooperation with Bosera International to jointly promote innovative financial products on a global scale. Leveraging its proprietary Client Assets Management Platform, CAMP by MetaComp, as well as its deep technical and market expertise, MetaComp and its affiliate will spearhead the promotion of Bosera International’s cryptocurrency spot ETF to investors in Singapore and beyond. This collaboration underscores MetaComp’s commitment to advancing financial innovation within the framework of relevant regulations while delivering exceptional value to the global investment community.

In addition to introducing the cryptocurrency ETF, both parties plan to explore the seamless integration of Bosera International’s asset management solutions into MetaComp’s CAMP platform. This integration will empower investors with a comprehensive suite of financial tools. Furthermore, MetaComp aims to extend its digital payment token services to Bosera International, enhancing the latter’s digital asset management capabilities. Together, this collaboration will provide investors with a more holistic and streamlined financial experience, combining the strengths of both companies to deliver innovative, high-quality asset management solutions globally.

Dr. Bai Bo, Chairman and Co-founder of MetaComp, stated: “We are thrilled to deepen our partnership with Bosera International, as we jointly launch a series of innovative solutions in both traditional and cryptocurrency finance. MetaComp is dedicated to serving as a bridge between traditional and cryptocurrency finance, offering our clients secure, compliant, and innovative financial solutions that meet the evolving needs of today’s investors.”

For more details about this cooperation and to stay updated on future developments, please visit https://www.mce.sg/

About MetaComp Pte Ltd (www.mce.sg)

MetaComp is a leading Singapore-based digital asset platform that is licensed and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Operating under a P2B2C (platform-to-business, partners-to-clients) model, MetaComp provides an integrated end-to-end suite of services to its clients, empowering them to confidently enter the digital asset market with the much-needed safety, security, and compliance. Together with its parent company, Metaverse Green Exchange Pte. Ltd (a MAS-licensed CMS holder permitted to carry out, inter alia, brokerage and custody services), MetaComp introduces its suite of services through CAMP by MetaComp, a regulated Client Assets Management Platform, allowing businesses to develop and scale their digital asset offerings through OTC and exchange trading services, fiat payment, digital asset custody and prime brokerage.

SOURCE MetaComp Pte Ltd