According to a 9-minute video released on the official website of INDXcoin, founder and pastor Eli Regalado admitted to the INDXcoin community that he and his associates were accused of embezzling $1.3 million. According to a statement from the Colorado Securities Commission, on January 18th, Eligio Regalado and his partner Kaitlin Regalado were charged with fraud for issuing and marketing a false token called "INDXcoin" to followers. The regulatory agency stated that from June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 investors through a platform called Kingdom Wealth Exchange. (Cointelegraph)