The Regalados also pocketed at least $290,000 for their online-only church, Victorious Grace church, despite there being no physical location for it, BusinessDen reported. The Regalados took at least $1.3m of that for personal, luxury purchases, including jewelry, an au pair and a pricey home renovation project. In total, INDXcoin raised about $3.2m from more than 300 people between June 2022 and April 2023. Regalado added that the couple still believes that God will “work a miracle in the financial sector”. “We took God at his word and sold a cryptocurrency with no clear exit.” Regalado added: “A few hundred thousand dollars went to a home remodel the Lord told us to do. “I just wanted to come out and say those charges are true.” “The charges are that me and Kaitlyn pocketed $1.3m,” Regalado said in the video published to INDXcoin’s website on Friday. In a video statement about the charges, Eli admitted that the couple had squandered $1.3m that was raised through cryptocurrency. Investors lost millions of dollars while the Regalados used their investments for lavish living. But INDXcoin was “practically worthless” in reality, prosecutors said in the statement.
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