Denver Grand Jury Indicts Married Couple in Alleged Multi-Million Dollar Cryptocurrency Scam

DENVER — Denver District Attorney John Walsh announced today that a Denver grand jury has indicted Eli and Kaitlyn Regalado on 40 counts regarding an alleged multi-million-dollar cryptocurrency scam.

According to the indictment, between January 2022 and July 2023, the Regalados solicited nearly $3.4 million from investors who were looking to buy INDXcoin, a cryptocurrency created and marketed by the Regalados. The Regalados allegedly used their faith-based connections to recruit investors while promising exorbitant returns on the investments.  The indictment alleges that, in reality, only a small amount of the proceeds went to the business venture and that the Regalados spent at least $1.3 million on personal expenditures, including a home renovation that they have allegedly claimed “the Lord” told them to do.  As alleged, INDXcoin maintained zero value and all of the investors lost all of their money.

“These charges mark a major step forward in our work to hold the Regalados accountable for their alleged crimes and to bring a measure of justice to the victims. I want to thank the prosecutors and investigators in my office, and, particularly, the investigators with the Colorado Division of Securities and the Colorado Attorney General’s Office, whose outstanding work on the case resulted in this indictment,” said DA Walsh.

About the Denver DA’s Office:

The mission of the Denver DA’s Office is to protect the community, to seek equal justice for all, and to improve the quality and fairness of criminal justice on behalf of the people of Colorado.  We achieve that mission through excellence in our work investigating and prosecuting crime, supporting victims and their families, working with the community to prevent crime, and providing fair alternatives to incarceration in appropriate cases.

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