Pastor Blames God for Commanding a $3.2M Crypto Scam + More Crypto News
Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.
In this edition:
- Pastor Blames God for Commanding a $3.2M Crypto Scam
- Solana and Polychain-Backed VC Lead $5M Seed Raise to Challenge Google
- Bybit Announces ByBUIDLERs Generation 2 For the Next Wave of Crypto Influencers
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Pastor Blames God for Commanding a $3.2M INDXcoin Crypto Scam
As Cryptonews recently reported, 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.
Per the press release, pastor Eli Regalado and his wife Kaitlyn created, marketed, and sold a cryptocurrency ‘INDXcoin’ to Christian community members.
INDXcoin was also offered through the Kingdom Wealth Exchange, which the duo created, controlled, and operated.
From June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 individuals.
Regalado claimed that God told him investors would become wealthy if they invested money into INDXcoin.
Following the complaint, Regalado issued a video stating that he and his wife took “god at his word.” Per the video,
“So how this whole thing started is the Lord told us in ’21 to walk away from our marketing company. And he said, “I’m going to do a new thing.” And then he took us into this cryptocurrency.”
He continued,
“Well, that cryptocurrency turned out to be a scam. And so the Lord says, “Give that to ’em, but also give them a 10X.” And I’m like, “Well, where’s this liquidity going to come from? And the Lord says, “Trust me.””
An online pastor was charged in CO for a $1.3 million crypto scam. He's released a 9-minute-long video explaining that the Lord told him to sell a cryptocurrency with no clear exit", and spend some of the proceeds on "a home remodel the Lord told us to do".
Here's a supercut. pic.twitter.com/scKpF8nyrT
— Molly White (@molly0xFFF) January 21, 2024
Per the complaint, “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.”
The two allegedly ignored the report and continued to promote the INDXcoin crypto scam as a low-risk, high-profit investment. In reality, the INDXcoin was illiquid and practically worthless.
Investors lost millions, and the husband and wife duo used those funds to support their lavish lifestyle.
Solana and Polychain-Backed VC Lead $5M Seed Raise to Challenge Google
Decentralized data marketplace builder Masa Network announced $5.4 million in its Seed Fundraising Round led by Anagram, co-founded by Solana Foundation President Lily Liu and former Polychain President Joe Eagan.
Additional investors include Avalanche Blizzard Fund, Digital Currency Group, GoldenTree, OP Crypto, Unshackled Ventures, PEER VC, and others.
This most recent seed round brings Masa’s total funding to $9.2 million. The team will use the funds to support Masa’s Q1 Mainnet Launch on a dedicated Avalanche Subnet through a strategic partnership with Avalanche and building the zk-Data Network.
According to the press release shared with Cryptonews, Masa is building a “Decentralized Google,” an open, secure, and incentivized economy for the world’s personal data.
“It shifts power back to individuals, without compromising data privacy, through leveraging cutting-edge zero-knowledge and fully-homomorphic encryptions,” it said.
Users can contribute their data to the network and get rewarded in Masa’s native token.
Developers can access this data to train AI models, run analytics, and build innovative applications in a privacy-preserving manner.
Since launching in August 2022, Masa has seen over 1 million connected wallets, over 15 million permissioned data points, and over 23,000 testnet node operators.
Bybit Announces ByBUIDLERs Generation 2 For the Next Wave of Crypto Influencers
Crypto exchange Bybit has announced the launch of the second generation of its ByBUIDLERs Program.
According to the press release, its original program was a “resounding success.” Therefore, Bybit aims to help more individuals become influential content creators and community influencers in the crypto world, it said.
Launched in May 2023, the first edition of the ByBUIDLERs Program brought together 60 enthusiastic individuals from Vietnam, Africa, Indonesia, Poland, and Nigeria. Their collective efforts resulted in a significant increase in Bybit’s social media engagement, said the exchange, with a total impression count reaching 500,000.
Generation 2 of the ByBUIDLERs program brings improvements, including an expanded outreach to Europe and Australia, comprehensive training for participant development, and a new points system.
Participants will engage in diverse roles, including business development, moderation, event organizing, content creation, and marketing. Their contributions will earn points and potentially rewards, such as exclusive merchandise, private event invitations, and “substantial bonuses.”
