Press Release - Preliminary Injunction and Asset Freeze Granted Against Eli Regalado, INDXcoin

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DENVER – January 29, 2024 – Today, the Denver District Court granted a preliminary injunction and asset freeze against Eligio (Eli) and Kaitlyn Regalado of Denver, INDXcoin LLC, Kingdom Wealth Exchange LLC and others.


On January 16, 2024, Commissioner Tung Chan filed a motion for a temporary restraining order (TRO motion) against the defendants, along with a complaint of civil fraud charges. The Court granted the original TRO motion on January 17, 2024, and set a hearing to review the motion for January 29, 2024. 


During today's hearing, the Court ordered a preliminary injunction barring the defendants from selling securities pending trial. The Court also froze the couple’s assets and issued an order of non-destruction of records.


“Misuse of funds is a serious charge in this matter,” said Commissioner Chan. "We are really happy with the Court’s order today. Freezing assets will protect what's left in the accounts from further dissipation, and the injunction will stop the Regalados from selling any more worthless coins.”


In the original complaint, Commissioner Chan alleged that Eli Regalado, a pastor, and his wife Kaitlyn created, marketed and sold a cryptocurrency known as the INDXcoin to members of the Christian community. The INDXcoin was also offered through the Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange that they created, controlled and operated.  


According to the original TRO motion and complaint filed by the Colorado Attorney General’s Office, investigators from the Colorado Division of Securities found that from June 2022 to April 2023, INDXcoin raised nearly $3.4 million from more than 300 individuals. The complaint alleges that Regalado targeted Christian communities in Denver and claimed that God told him directly that investors would become wealthy if they put money into INDXcoin. 


The Regalados had no experience in cryptocurrency, which was clear when a third-party auditor’s report allegedly described their INDXcoin code as unsafe, unsecure and riddled with serious technical problems. Despite that report, the Regalados allegedly continued to promote the INDXcoin as a low risk, high profit investment.


The complaint alleges that in reality, the INDXcoin is worthless; investors have lost millions; and defendants have dissipated investor funds to support their lavish lifestyle.


“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” said Commissioner Chan. “New coins and exchanges are easy to create with open source code, and we want to remind consumers to be very skeptical.”


If you or someone you know has invested with INDXcoin or any of Eli Regalado’s other entities, please contact the Colorado Division of Securities at or 303-894-2320.

Defendant List: Eligio Regalado; Kaitlyn Regalado aka Kaitlyn Dorsey; INDXcoin LLC; Kingdom Wealth Exchange LLC; Grace Led Marketers LLC


Access the original complaint here.               


About DORA and the Division of Securities

DORA is the state's umbrella regulatory agency, charged with managing licensing and registration for multiple professions and businesses, implementing balanced regulation for Colorado industries, and protecting consumers. Our nearly 600 employees are dedicated to preserving the integrity of the marketplace and promoting a fair and competitive business environment throughout Colorado. The Division of Securities exists to protect investors and maintain confidence in the securities market, while avoiding unreasonable burdens on the marketplace by licensing securities professionals, enforcing securities law violations, and helping Coloradans become more informed investors. Visit to learn more.