Eli and Kaitlyn Regalado didn’t start as crypto experts. They were a Colorado marketing couple who claimed divine instruction guided their business decisions, from hiring staff to naming their firm. But in late 2021, the voices changed direction. Eli heard a command to take a small gift of cryptocurrency and bring it to “my people for a wealth transfer.” Despite having zero technical background, the pair launched INDXcoin, marketing it aggressively within evangelical networks. They framed the digital token not just as an investment, but as a spiritual mandate. For many believers, trusting the Regalados felt like trusting God himself.
The financial toll was devastating. Debbie and Jose Bonilla, a retired couple in their 70s, pulled $70,000 from their retirement savings after hearing about INDXcoin from their minister. They weren’t alone. More than 500 investors handed over a combined $3 million, believing they were participating in a divinely ordained financial shift. Then the project imploded. Within a year, the value vanished. “Poof—the money just evaporated,” Debbie said. The Regalados now face fraud accusations, leaving their community grappling with both financial ruin and a crisis of faith. It raises a disturbing question: when religious authority merges with unregulated finance, who is left to protect the vulnerable?
This case isn’t an outlier; it’s a symptom of a broader, unchecked market. Crypto fraud hit $14 billion globally in 2025, a 17% jump from the prior year, according to Chainalysis. In the U.S. alone, FBI reports cite $7.2 billion in losses from fraudulent schemes. The barrier to entry is dangerously low. Over 3 million new cryptocurrencies were minted in August 2026 alone. As former FBI agent Jason Ghetian notes, anyone can create a coin. Without the transparency rules that govern traditional stocks, these digital assets become perfect vehicles for manipulation. Timothy Massad, former CFTC chairman, points to a regulatory mess where conflicting agency tests allow fraud to fester. The Regalados’ story shows how easily spiritual trust can be weaponized in this wild west.
