Pastor Charged in $6 Million Crypto Fraud Scheme That Targeted Church Members

Quick Summary:

The CFTC alleged in a lawsuit that a former pastor fleeced investors out of $5.9 million while targeting Spanish-speaking congregants.

Staking refers to the process whereby users pledge digital assets to a network in order to help it validate transactions—but the Commission alleged that no such activity took place.

Promoting a token backed by nothing but god’s word, a lawsuit brought by the Colorado’s securities regulator centered on pastor Eligio “Eli” Regalado, INDXcoin, and his online church Victorious Grace.

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Article Details

Author / Journalist: André Beganski

Category: Crypto

Markets: EstoniaColombiaOman

Topics: Washington Solanofi Fraud Religion Ponzi scheme Law and Order Pastor CFTC

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-11 @ 20:44:38 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: decrypt.co

Language: English

Article Length: 622 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Decrypt

News ID: 24361792

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About Decrypt

Main Topics: Crypto

Official Website: decrypt.co

Update Frequency: 4 posts per day

Year Established: 2018

Headquarters: Estonia

News Last Updated: 12 hours ago

Coverage Areas: Estonia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #63

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