Denver pastor Eli Regalado and his wife have launched an INDXcoin token that no one can sell.
Because of this, Colorado regulators have sued them.
According to the pastor, the token exchange technology failed. The token itself has been repeatedly advertised at their church.
According to BusinessDen, the Regalado family spent the money from the sale of the asset on luxury items. However, investors expected the funds to go to help widows and orphans.
The amount of “laundered money” is approximately $1.3 million.
At the same time, the pastor stated that most of the money went to pay taxes, and the rest of the money was spent on the reconstruction of his house, which “the Lord told me to do.”
Regalado added that he hopes for a divine miracle to save investors and INDXcoin.