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Colorado couple faces 40 felony charges over alleged faith-based cryptocurrency scheme

MIT Technology Review reports that Eli and Kaitlyn Regalado face fraud charges after raising $3 million for INDXcoin.

Updated Sep 10, 2026 · 09:47 UTC1 reports

The short version

  • Eli and Kaitlyn Regalado created INDXcoin and collected over $3 million from more than 500 investors primarily in Christian communities.[MIT Technology Review]
  • Regulators filed a civil suit in 2024 alleging the couple spent around $1.3 million of the money on personal expenses.[MIT Technology Review]
  • Denver prosecutors charged the couple with 40 felonies, including theft and racketeering, while the Regalados maintain they obeyed God's instructions.[MIT Technology Review]

Key facts

  • Eli and Kaitlyn Regalado promoted a cryptocurrency named INDXcoin to evangelical Christians, raising over $3 million from more than 500 people.[MIT Technology Review]
  • The Colorado Division of Securities filed a civil lawsuit in January 2024 alleging the couple used investor funds to cover around $1.3 million in personal expenses.[MIT Technology Review]
  • Denver's district attorney charged the Regalados in July 2025 with 40 felonies, including racketeering, theft, and securities fraud.[MIT Technology Review]
  • The Regalados deny any wrongdoing, asserting that they were carrying out divine guidance.[MIT Technology Review]

What remains uncertain

  • The outcome of the 40 felony charges and the resolution of the civil fraud lawsuit remain pending in court.[MIT Technology Review]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.