Online pastor charged for crypto scams
Find out how an online pastor was charged for a crypto scam worth millions and the new competitor of ETH called Pandoshi.
Online pastor charged for crypto scams
A Colorado-based online pastor, Eli Regalado, was charged with fraud for selling ‘worthless’ crypto. He admitted to the charges against him and his partner in a bizarre 9-minute video released on INDXcoin's site.
‘The charges are that Kaitlin and I pocketed 1.3 million dollars, and I just want to come out and say those charges are true’, Regalado said. According to the Colorado Securities Commission, the online pastor and his partner Kaitlin Regalado were charged with fraud on January 18, 2024, for issuing and promoting a phoney token called INDXcoin to their followers.
This news shocked thousands of cryptocurrency users, including those who play Bitcoin casino games at casino sites such as Gamdom. Many expressed their worry about how fraudulent people in the crypto market are coming up with new ways to scam users.
‘We allege that Mr Regalado took advantage of the trust and faith of his Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies’, wrote Colorado Securities Commissioner Tung Chan.
The crypto INDXcoin allegedly garnered around $3.2m from more than 300 investors on the Kingdom Wealth Exchange from June 2022 through April 2023. The majority of the funds were collected by Pastor Regalado's private internet church, Victorious Grace.
Half of the $3.2m obtained from investors went to taxes and a large quantity to a divine-backed home remodelling. ‘A few hundred thousand dollars went to a home remodel that the Lord told us to do’, the online pastor said.
He also stated that he and his partner were on the ‘doorstep of poverty’. However, Commissioner Chan's lawsuit argues that they spent most of the assets on cosmetic dentistry, designer bags, house upgrades, and luxury vacations.
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ETH faces a new rival: Pandoshi
In the fiercely competitive field of crypto, Ethereum (ETH) has long led smart contract technology and decentralised apps. But in 2024, ETH’s authority is being challenged by an ambitious crypto coin worth $0.006.
Pandoshi (PAMBO) is posing a serious threat to ETH’s reign with its novel features. Investors and fans are drawn to this new coin due to its promising features and attractive price point. It is establishing the stage for an exciting race to the top of the crypto market.
Despite its similarity to other meme coins, PAMBO is unique in that it’s a completely autonomous and decentralised network. Its system uses the energy-saving proof-of-stake (PoS) protocol to facilitate fast, cheap, and private transactions.
To guarantee fast transactions and low fees, PAMBO uses a Layer-2 scaling solution that is developed on top of ETH. This tech allows for the smooth adoption of various decentralised apps, spanning domains including the Metaverse, decentralised finance (DeFi), and non-fungible tokens (NFTs).
With a presale that has raised over $2 million, PAMBO is rising at a fast pace. Its post-presale listings on major exchanges such as Binance, Coinbase, and Uniswap are expected to greatly increase its market value.
As PAMBO becomes more popular and accessible, cryptocurrency players are expressing their excitement to use the coin’s cheap price to play Bitcoin casino games at popular casino sites such as Gamdom. Many are also excited to invest in the coin and reap the benefits as its price grows over the years.
