I feel bad for today’s young people. When I was entering my adulthood, the Internet was coming into itself, which meant that there were real opportunities for people to succeed with the invention of new technology. Today, however, all that’s been invented is new ways to scam people. The creation of cryptocurrency has tanked an estimated 2 trillion dollars from the economy. That’s not counting the 3 billion that is stolen annually by hackers, which account for almost half of their own losses. This is the grifted generation, to be sure.

Imagine now what happens when you combine the scam of crypto, with the fraud of religion? Why, you get something called INDXcoin. The brainchild of Rev. Eli Regalado, an online only pastor that congregates his virtual flock on a (former) website called victoriousgracechurch.org. The site has since been taken down, as Regalado is currently in a legal battle with State regulators, for his little scam.

Regalado and his wife did what all of these crypto hucksters do when they have people’s money: they spent it. So, while easily manipulated people sent him their savings under the promise that the proceeds would be donated to “orphans and widows”, it went instead into purchasing handbag, snowmobiles, a Range rover and countless other luxuries. Almost 300k of it went to their “church”, which again was simply a way for these people to pay themselves.

Both of these bozos were also not very experienced coders which meant that their crypto and virtual exchange were sloppy messes that was given a “zero out of 10” grade by a company that specializes in evaluating crypto security. It mattered little, as all of the transactions were done via Regalado’s Venmo account, or by direct money transfers. Since they were both spending the money so quickly, they routinely had to close their exchange to avoid running out of money. They were essentially operating as a bank, and then spending any deposits they received. The virtual coin they were given was merely a representation of what they thought was in investment in new technology. In reality, it was nothing more than a basic con with a fresh coat of virtual paint.

What’s crazy in all of this is the fact that the 3.9 million they stole from their own flock is a civil matter, and not a criminal one. This means that they face no jail time for this huge scam. All the victims can hope for is that some of the money can be recouped. Judging by how quickly these bozos burned through the funds, it’s not looking too good.