Pastor Blames God for Commanding a $3.2M INDXcoin Crypto Scam
The US Colorado Division of Securities has filed civil fraud charges against Eligio (Eli) and Kaitlyn Regalado for alleged violations of the anti-fraud, licensing, and registration provisions of the Colorado Securities Act.
Pastor Eli Regalado and his wife Kaitlyn created, marketed, and sold a cryptocurrency called ‘INDXcoin’ to Christian community members. The couple also operated the Kingdom Wealth Exchange where INDXcoin was offered.
From June 2022 to April 2023, INDXcoin raised nearly $3.2 million from over 300 individuals. Regalado claimed that God told him investors would become wealthy if they invested in INDXcoin.
An auditor’s report described the INDXcoin code as unsafe and unsecure, but the Regalados ignored it and promoted the scam as a low-risk investment. Investors lost millions while the couple used the funds for their own benefit.
Solana and Polychain-Backed VC Lead $5M Seed Raise to Challenge Google
Masa Network, a decentralized data marketplace builder, announced a $5.4 million seed fundraising round led by Anagram, co-founded by Solana Foundation President Lily Liu and former Polychain President Joe Eagan.
Other investors include Avalanche Blizzard Fund, Digital Currency Group, GoldenTree, OP Crypto, Unshackled Ventures, PEER VC, and more. This brings Masa’s total funding to $9.2 million.
Masa is building a “Decentralized Google,” an open and secure economy for personal data that empowers individuals without compromising privacy. The team plans to launch Masa’s Mainnet in Q1 2024 on a dedicated Avalanche Subnet through a strategic partnership with Avalanche.
Users can contribute their data to the network and get rewarded in Masa’s native token. Developers can access this data for AI training, analytics, and building innovative applications.
Bybit Announces ByBUIDLERs Generation 2 For the Next Wave of Crypto Influencers
Crypto exchange Bybit has launched the second generation of its ByBUIDLERs Program, aimed at helping individuals become influential content creators and community influencers in the crypto world.
The first edition of the program brought together 60 participants from various countries and resulted in increased social media engagement for Bybit. The new generation of the program includes expanded outreach, comprehensive training, and a new points system.
Participants will engage in roles such as business development, moderation, event organizing, content creation, and marketing. Their contributions will earn points and potential rewards such as exclusive merchandise, private event invitations, and bonuses.
Hot Take: Pastor Blames God for Commanding a $3.2M Crypto Scam + More Crypto News
In recent news, a pastor and his wife are facing civil fraud charges for orchestrating a $3.2 million cryptocurrency scam targeting Christian community members. The pastor claimed that God instructed him to promote the scam, but it turned out to be illiquid and practically worthless. Investors lost millions while the couple used the funds to support their lavish lifestyle.
In other news, Masa Network has raised $5.4 million in a seed funding round led by Solana and Polychain-backed VC Anagram. Masa is building a decentralized data marketplace to challenge Google by empowering individuals while protecting their privacy.
Lastly, Bybit has announced the launch of the second generation of its ByBUIDLERs Program, aimed at cultivating the next wave of crypto influencers. Participants will have the opportunity to contribute to various aspects of the crypto industry and earn rewards for their efforts.
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