"God made me do it," is an excuse some criminals use to justify their crimes, but Colorado pastor Eli Regalado may be the first to use the phrase to justify the money he swindled from a cryptocurrency scam.

Online pastor Regalado and his wife, Caitlin, are accused of defrauding more than 300 investors out of $3.2 million through a cryptocurrency they created called INDXcoin. Regalado admitted that half of the money was for the couple's personal expenses, but he seemed to point the finger at God, although he may have misheard God's words.

When Regalado announced on his YouTube channel last April that he would start selling cryptocurrency, he said God was behind the project and that he was "setting the track for the transfer of God's wealth."

Regalado and his wife sold INDXcoin through an online cryptocurrency marketplace called Kingdom Wealth Exchange, which Eli created, controlled and operated.

They raised $3.2 million using a sales pitch filled with biblical quotes, claiming the coins were worth $10-$12 but could be purchased for $1.50 or less.

According to Colorado regulators, INDXcoin is "essentially worthless." While investors lost millions, the couple spent at least $1.3 million on vacations, Range Rovers, jewelry, luxury handbags, dental work, clothing and more. They also spent a lot of money renovating their house, but they did not forget their "main business": at least $290,000 was invested in their online church VictoriousGraceChurch.

Regalado did not deny that the two used the money for personal gain. "The allegation is that Caitlin and I embezzled $1.3 million, and I just want to stand up and say that these allegations are true," he said in a video statement days after the civil charges were filed. "Hundreds of thousands of dollars were spent on home improvements the Lord asked us to do, and we took God at his word and sold a cryptocurrency with no clear way out."

Regalados marketed their token as a low-risk, high-return investment, and Eli even claimed that God told him that people could get rich just by investing.

The pair’s inexperience in the cryptocurrency space became apparent after reports from third-party auditors purportedly stated that their INDXcoin code was unsafe, unreliable, and had serious technical issues. This was before the launch of INDXcoin, but they continued to promote it. When investors don't get the promised returns, Regalado said, they can only wait for God's providence.

INDXcoin is not asset-backed and has no market outside of its investor pool, the state said. The couple also did not explain how the market works, with their own Wealth Exchange being the only platform where INDX coins can be bought, sold or traded.

In a video responding to the accusations, Regalado said: "We launched an exchange, but there was a technical failure. Things started going downhill. Since then, we have been waiting for God's providence."

"I know it looks bad," he added. The pastor also said about $500,000 of investor funds were used to pay taxes to the IRS.

Regalado does not seem to have lost faith and believes that God will help him and INDXcoin investors out of this difficult situation.

"Either I misheard God...or God hasn't finished this project yet and he's going to do a new thing," he said in a recent video. "What we prayed for, and what we still believe, is that God will work a miracle. God is going to work a miracle in finance...[and] everyone [who invests]...will get their money back."

The Regalados face civil fraud charges for allegedly violating the anti-fraud, licensing and registration provisions of the Colorado Securities Act.