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Is water H₂O? (3): How chemists learned to count invisible atoms

16 September 2026 at 14:00

Author: José Luis Granados Mateo is a postdoctoral researcher in the Department of Philosophy at the University of the Basque Country (EHU) and a member of the Integrated History and Philosophy of Science (iHPS) research group. His work focuses on history and philosophy of science, science and values, and the epistemology of scientific practices.

 

Water is H₂O. Few scientific formulas look more familiar, more compact, or more final. Two atoms of hydrogen, one of oxygen: the phrase seems to say what water really is beneath the shifting appearances of ice, vapour, rain, rivers and the liquid in a glass.

Yet that little subscript was not easy to earn.

By the early nineteenth century, chemists had good reasons to treat water as a compound of hydrogen and oxygen. The old idea of water as a simple element had lost its authority, as we saw in Is Water H₂O? (1) From Element to Compound. Electrolysis then gave that claim a new experimental force, making hydrogen and oxygen appear under electrical action, although not without raising puzzles of its own, as discussed in Is Water H₂O? (2) The Puzzle of Water Electrolysis. What remained unsettled was a more delicate question. Not whether water had constituents, but how many of each entered one molecule.

Was water HO? H₂O? Something else?

Today the answer feels almost automatic. In the first decades of atomic chemistry, it was not. Dalton’s atomic theory made HO the natural formula: one atom of hydrogen, one atom of oxygen. Avogadro proposed something much closer to the modern answer very early, but his proposal did not settle the matter. For more than half a century, some of the best chemists in Europe disagreed over the formula of one of the most ordinary substances in the world.

The confusion was public enough to become comic. In the 1860s, when agreement was finally beginning to form, an author identifying himself as a certified lunatic at Hanwell Asylum wrote to Chemical News mocking the chemists’ inability to agree even about water. One could contemplate the bewildering variety of formulas, he suggested, until the brain first became confused, then swam, and finally softened.

The joke had bite because the embarrassment was real. Chemical tables were full of combining weights, volumes, radicals, equivalents and atomic symbols. Water had long ceased to be elementary. Yet the old difficulty remained: to know the formula, chemists had to count atoms; to count atoms, they would have had to see them. And they could not.

Liebig put the matter painfully in 1851. Chemists possessed no direct means of ascertaining the number of atoms even in the simplest compound, because that would require seeing and counting them. Atomic chemistry needed numbers for entities no one could inspect.

So the problem was not that the answer lay beyond all reach. It lay beyond direct reach. Chemists had to learn to count invisible things by making them answer to operations that could be performed.

 

A number, and two worlds

The difficulty begins with a ratio.

Hydrogen and oxygen combine in fixed proportions by weight. In round modern numbers, water contains one part hydrogen for eight parts oxygen. Chemists could establish the ratio; the difficulty began when that ratio had to be translated into atoms.

Suppose water is HO. One atom of hydrogen combines with one atom of oxygen. Since the oxygen contribution weighs eight times as much as the hydrogen contribution, the oxygen atom must weigh eight times as much as the hydrogen atom.

Now suppose water is H₂O. Two atoms of hydrogen combine with one atom of oxygen. The same measured ratio now yields a different atomic weight: oxygen must weigh sixteen times as much as hydrogen.

The laboratory ratio has not changed. The invisible architecture has.

That was the circular trap. Molecular formulas required atomic weights; atomic weights required molecular formulas. Measurement gave combining proportions, not little labelled particles waiting to be counted. A consistent chemistry could be built with HO and oxygen as 8. Another could be built with H₂O and oxygen as 16. Once the difficulty spread across many compounds, chemists were no longer facing a local uncertainty about water. They were choosing among possible atomic worlds.

The difficulty appeared at the worst possible place: the point where atomic chemistry had to begin producing reliable numbers.

 

Dalton’s necessary guess

Dalton knew that atomic theory needed a starting point.

He approached water from within a broader problem. Chemical substances combined in fixed proportions; in some cases, the same elements combined again in different but still simple ratios. Atomic theory offered a machinery for these regularities. If matter consisted of particles with definite weights, then chemical combination could be understood as their joining in determinate numbers, and the arithmetic of chemistry began to point towards an unseen order. What it still failed to provide was the count itself: the number of atoms entering each compound.

Dalton therefore introduced rules of simplicity. They were not decorative assumptions added to an otherwise complete theory. They were what allowed the theory to produce numbers at all. When only one compound of two elements was known, Dalton assumed the simplest possible atomic constitution: one atom of each. Since water was the known compound of hydrogen and oxygen, its formula became HO. Hydrogen could be assigned atomic weight 1, oxygen 8, and the system could begin to move.

Judged from later chemistry, Dalton’s rule has an air of innocence. It was a methodological expedient rather than an experimental result, a way of allowing atomic theory to proceed when direct counting was unavailable. Dalton was not looking into water molecules and counting badly; he was working with weights, tables and regularities, in a period before spectroscopy, quantum theory or a settled molecular chemistry had made atoms answerable in other ways.

HO was wrong. It was not random. It belonged to a method that could bring order to combining weights before chemistry had better ways of counting atoms.

H₂O
Figure 1. Dalton’s atomic symbols, from A New System of Chemical Philosophy (1808), Plate IV. Dalton’s table did not merely decorate atomic theory; it made atoms calculable through symbols, weights and simple combinations. In this scheme, water or steam appears as a binary compound of one atom of oxygen and one atom of hydrogen. Source: Wikimedia Commons, public domain.

 

What gas volumes seemed to promise

Another route opened through gases.

Volumes could be measured, and gases combined with a striking regularity. Gay-Lussac showed that gases entered reactions in simple volume ratios. Two volumes of hydrogen combine with one volume of oxygen to form water vapour; other gases display similarly neat relations. To anyone looking for a way to count invisible particles, this was tempting.

If equal volumes of gases contained equal numbers of particles, volume could become a counting device. It would not show atoms individually, but it might give chemists a way to infer how many particles were involved.

Avogadro made that move. Equal volumes of gases, under the same conditions, contain equal numbers of molecules. Grant that, and the formation of water vapour changes shape. Two volumes of hydrogen and one volume of oxygen produce two volumes of water vapour. The arithmetic works if hydrogen and oxygen gases are themselves molecular, H₂ and O₂, and if water is H₂O:

2H₂ + O₂ → 2H₂O

H₂O
Figure 2. Opening page of Avogadro’s 1811 essay on the relative masses of elementary molecules. Avogadro’s hypothesis made gas volume into a possible way of counting molecules: equal volumes of gases, under the same conditions, could be treated as containing equal numbers of molecules. The proposal pointed towards H₂O, but it did not immediately command the field. Source: Amedeo Avogadro, ‘Essai d’une manière de déterminer les masses relatives des molécules élémentaires des corps…’, Journal de Physique, 73, 1811; Wellcome Collection / Classic Chemistry.

There it is, almost modern chemistry.

Yet the hypothesis did not conquer the field. The reasons were not merely psychological, nor reducible to conservatism. Avogadro solved one problem while creating others that looked serious at the time. Dalton saw no obvious reason why atoms of the same element should join into stable pairs. In his picture, atoms were surrounded by repulsive atmospheres of caloric; piling like atoms together was hardly the natural assumption. For electrochemical dualists, the difficulty sharpened further. Like atoms ought to have like electrical characters, and like electrical characters ought to repel. Why should oxygen atoms pair with oxygen atoms? Why should hydrogen atoms pair with hydrogen atoms? Why stop at pairs?

The hypothesis also asked chemists to treat elementary gases as molecules containing several atoms of the same element, and to imagine those molecules splitting during chemical combination. To those who trusted weights more readily than invisible gas particles, this was a large demand.

Even sympathetic chemists found the route uneven. Dumas tried, for a time, to develop Avogadro’s approach, but vapour-density results did not behave with perfect neatness. Mercury, phosphorus and sulphur made it hard to treat every elementary vapour on the model of hydrogen or oxygen.

Avogadro had offered a powerful clue. It was not yet the common language of chemistry. Water could have been H₂O in 1811; historically, that was not enough.

 

Atoms with handles

Behind the disagreement over water lay a larger problem. Nineteenth-century chemists were learning how to handle atoms at all: as weights, as volumes, as equivalents, as electrical units, as radicals, as centres of substitution.

For some, atoms were bearers of weight. For others, units in an electrochemical opposition. In Avogadro’s programme, gases offered a way of counting particles by volume. In organic chemistry, atoms and radicals became things that could be moved, exchanged and followed through reactions. Later structural chemistry would give them positions and patterns of connection.

Atoms entered chemistry through these practices unevenly: as things to be weighed, counted, exchanged, classified or connected.

A formula could be useful in one setting and awkward in another. Atomic weights could seem natural when derived from one class of operations and arbitrary when forced into another. Equivalents worked well for neutralisation and replacement. Volumes worked well for gases, though not without trouble. Substitution worked powerfully in organic chemistry. Electrochemical dualism arranged substances by polarity and affinity.

No single practice simply revealed atoms as they were. Each gave atoms a handle.

That is why the history of H₂O is not just a story about choosing the correct formula. The formula became convincing when atoms could be made to enter operations: weighed in one context, counted in another, substituted in a third, arranged elsewhere by their capacities for connection. Seeing was unavailable; work had to do the job of sight.

 

The caution of equivalents

One response to the circular trap was to avoid stepping fully into it.

Many chemists were cautious about atoms. Atomic language sounded metaphysical, or at least more speculative than the discipline required. Equivalent weights appeared safer. One substance could neutralise, replace or combine with another in a definite proportion, and those relations could be measured without deciding what atoms really were or how many of them sat inside a molecule.

Equivalents allowed calculation while holding invisible architecture at arm’s length. A chemist could say how much of one substance answered to another in reaction, without committing to a microscopic count.

This caution was productive. It helped chemists calculate, compare and classify. It also preserved ambiguity. In practice, an equivalent could behave rather like an atomic weight, even when chemists insisted that they were avoiding speculative atomism.

Water once again exposed the difficulty. If oxygen’s equivalent was 8 relative to hydrogen, HO looked natural. If oxygen’s atomic weight was 16, H₂O became natural. The issue depended on the passage from observable combining relations to invisible atomic units.

The appeal to equivalents allowed chemists to postpone bolder claims about atoms, while leaving a theoretical judgment embedded in the passage from measurable reactions to invisible units.

 

The detour through organic chemistry

The decisive work did not come from staring harder at water.

That is one of the surprises in this history. H₂O gained its strength elsewhere: in the movement of radicals, in substitutions, in families of organic compounds. Organic chemistry gave chemists a way to manipulate groups of atoms and to follow their replacements through reactions.

The key idea was the water type.

If water is H₂O, oxygen can be treated as holding two units together. In water, the two units are hydrogens. In alcohols and ethers, one or both hydrogens can be replaced by organic radicals. Water, alcohols and ethers could therefore be seen as members of a family, built around oxygen’s capacity to connect two branches.

At first this sounds like a tidy diagram. It became much more than that.

Williamson’s work on etherification gave the water type experimental substance. The older Liebig-Dumas view treated etherification largely as a removal of water from alcohol under the dehydrating action of sulphuric acid. Williamson rewrote the process as a traffic of groups. Sulphuric acid took an ethyl group from alcohol, leaving water behind; the resulting sulphovinic acid then handed that ethyl group to another alcohol molecule, taking hydrogen in return. Sulphuric acid was regenerated, and ether was produced.

The formula was doing work. It allowed chemists to follow the movement of groups through a sequence of transformations instead of merely recording elemental proportions at the beginning and the end.

Then came the sharper test. If the water-type picture was right, oxygen could hold two different radicals at once. Williamson therefore contrived ethers containing different combinations of methyl, ethyl and amyl groups. These were mixed ethers, not mere mixtures of symmetrical ethers. Under the rival Liebig-Dumas scheme, such mixed ethers should not have appeared as distinct compounds at all; at most, the experiments should have produced mixtures of symmetrical ethers.

Their production gave the water type operational force.

 

H₂O
Figure 3. A modern schematic representation of the Williamson ether synthesis. The diagram is not a reproduction of Williamson’s nineteenth-century notation, but it captures the substitutional logic that made his work so important: ethers could be produced by replacing hydrogen in alcohols with organic radicals. This helped make the “water type” experimentally powerful, since water, alcohols and ethers could be understood as related compounds organised around oxygen’s twofold combining capacity. Source: Wikimedia Commons, CC0.

H₂O gained strength because it travelled. It helped chemists understand not only water, but alcohols, ethers and families of organic compounds. It made substitutions intelligible. It made room for oxygen as an atom with a definite combining capacity.

The problem had widened. Water was no longer an isolated substance to be analysed, but the simplest expression of oxygen’s capacity to bind, exchange and organise chemical groups.

 

Counting by substitution

Substitution reactions gave atoms a kind of experimental visibility.

No one saw oxygen holding two hydrogens. No one watched radicals attach themselves like beads on a wire. But chemists could replace one group with another and see what sort of compound resulted. If an atom or radical could be substituted without the molecule falling apart, that said something about the architecture of the compound. If replacing a central atom broke the molecule into two products, that said something else.

Here the language of valency began to acquire force. Oxygen and sulphur behaved as if they could bind two units. Chlorine behaved differently, as if it had only one hand. The metaphor is crude, but useful; later it would be disciplined into valency.

Water became the simplest member of a larger argument. If oxygen could connect two radicals in ethers, then the two hydrogens in water no longer looked like an arbitrary doubling. They were the simplest expression of oxygen’s twofold combining capacity.

The older picture of a central binding atom would later lose its privileged status. What remained was more durable: a number attached to an element’s capacity for combination.

This was a different kind of counting from Dalton’s simplicity rule or Avogadro’s gas volumes. Dalton counted by assuming the simplest combination. Avogadro counted through equal volumes. Organic chemists counted through substitutions, replacements and families of compounds. None of these methods made atoms visible. Each made them usable in a different way.

H₂O became embedded in a network of operations in which oxygen’s twofold capacity could be tested across many compounds. The formula began to earn its keep.

 

Cannizzaro and the story we like to tell

There is a familiar heroic version of the story. Avogadro discovered the key; chemists forgot it; Cannizzaro revived it at Karlsruhe in 1860; the fog lifted; H₂O won.

There is some truth in this. Not enough.

Cannizzaro’s intervention mattered. His presentation of atomic and molecular weights was clear, forceful and timely. By using Avogadro’s ideas, he gave chemists a way to distinguish atoms from molecules, molecular weights from atomic weights, formulas from combining proportions. His pamphlet circulated after Karlsruhe and influenced younger chemists who were looking for order in a confusing field.

The achievement was real. It was not miraculous.

By the time of Karlsruhe, many of the crucial battles had already been fought elsewhere. Organic chemistry had done a great deal of the work. Substitution, types, radicals and valency had given chemists practical ways to count and sort atoms. Cannizzaro clarified and spread a system that was already becoming workable; he did not unlock the problem by himself.

Nor did his account contain the strongest organic side of the story. Williamson, types, radicals and substitution had already made H₂O useful in ways that a purely Avogadrian argument could not.

Consensus emerged because several practices began to reinforce one another. Volumes, atomic weights, substitution patterns, organic structures and valencies gradually pulled in the same direction. H₂O did not win because an old hypothesis was finally remembered. It won because chemists had learned to make the formula work across a widening range of operations.

A formula becomes harder to doubt when it begins to do work elsewhere.

When H₂O became workable

By the 1860s, H₂O was no longer an isolated claim about water. It belonged to a broader chemical world.

Hydrogen was monovalent. Oxygen was divalent. Water belonged to a family of compounds in which oxygen could connect two units. Gas volumes supported the distinction between atoms and molecules. Organic substitutions gave chemists ways to test combining capacities. Atomic weights and molecular formulas could now be adjusted together with less arbitrariness than before.

Agreement on H₂O did not mean agreement on the reality of formulas. Some chemists treated them as useful instruments; others took them as claims about molecular architecture; many occupied positions somewhere between those poles. Chemical atomism became operationally secure before philosophical realism about atoms became uncontested.

The settlement also did not turn chemistry into a single perfectly unified language. Equivalent weights, atomic weights, empirical formulas, structural formulas and physical atomism did not collapse into one view. The field was rearranged. H₂O became stable within that rearrangement, not because every older tension disappeared, but because enough practices now supported the same count.

Once that happened, HO no longer looked like a reasonable simplification. It looked wrong. But it looked wrong from inside a later practice.

 

What H₂O hides

H₂O looks almost weightless on the page. Three symbols, one subscript, a formula learnt so early that it seems to have no history at all.

It has a long one.

Before chemists could write that subscript with confidence, water had to lose its ancient simplicity, acquire hydrogen and oxygen as constituents, and then submit to a harder demand. Its invisible parts had to be counted.

That last demand was the strangest. Weights could be measured, gases collected, volumes compared, substances replaced, compounds arranged into families. Yet no one could open a molecule and inspect its furniture. The number two had to come from elsewhere.

It came from operations. From volumes that made gases countable; from equivalents that allowed calculation; from substitutions that let radicals change places; from families of compounds in which oxygen repeatedly behaved as a twofold centre of combination. A count that no eye could read became stable through chemical work.

This is what the formula now conceals. H₂O is neither a convention nor a snapshot of an invisible object. It is a compressed history of practices, a small sign in which balances, gases, paper formulas, ethers, substitutions and valencies have disappeared into familiarity.

Water is H₂O. The difficulty lies in remembering how much chemistry had to be invented before that sentence could become obvious.

 

References

Avogadro, A. (1811). ‘Essai d’une manière de déterminer les masses relatives des molécules élémentaires des corps, et les proportions selon lesquelles elles entrent dans ces combinaisons’. Journal de physique, de chimie, d’histoire naturelle et des arts, 73, pp. 58–76.

Cannizzaro, S. ([1858] 1910). Sketch of a Course of Chemical Philosophy. Alembic Club Reprints, no. 18. Edinburgh: The Alembic Club.

Chang, H. (2012). Is Water H₂O? Evidence, Realism and Pluralism. Dordrecht: Springer. DOI 10.1007/978-94-007-3932-1.

Dalton, J. (1808). A New System of Chemical Philosophy, Part I. Manchester: Printed by S. Russell, for R. Bickerstaff, Strand, London.

Gay-Lussac, J. L. (1809). ‘Mémoire sur la combinaison des substances gazeuses, les unes avec les autres’. Mémoires de physique et de chimie de la Société d’Arcueil, 2, pp. 207–234.

Klein, U. (2003). Experiments, Models, Paper Tools: Cultures of Organic Chemistry in the Nineteenth Century. Stanford: Stanford University Press.

Liebig, J. von. (1851). Familiar Letters on Chemistry, in Its Relations to Physiology, Dietetics, Agriculture, Commerce, and Political Economy. 3rd ed. London: Taylor, Walton, & Maberly.

Rocke, A. J. (1984). Chemical Atomism in the Nineteenth Century: From Dalton to Cannizzaro. Columbus: Ohio State University Press.

Rocke, A. J. (2010). Image and Reality: Kekulé, Kopp, and the Scientific Imagination. Chicago: University of Chicago Press.

Williamson, A. W. (1850). ‘Theory of Ætherification’. The London, Edinburgh, and Dublin Philosophical Magazine and Journal of Science, 3rd series, 37(251), pp. 350–356.

Williamson, A. W. (1852). ‘On Etherification’. Quarterly Journal of the Chemical Society of London, 4, pp. 229–239. DOI 10.1039/QJ8520400229.

 

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The American emperor’s new clothes? | Brief letters

13 September 2026 at 16:52

Trump’s toga | Reform UK donations | Ben Delo | Word watch | Andy Burnham | The name game

Octavian (later Emperor Augustus), following his victorious battles of Illyricum and Actium, announced he would give 400 sesterces to adult male citizens. Will we see the US president wearing an emperor’s purple and gold toga soon (Trump promise of $5,000 for US citizens after midterms decried as ‘bribery’, 10 September)?
David Shannon
Ashton under Hill, Worcestershire

• Can we assume that the donations to Reform UK from the billionaires Christopher Harborne and Ben Delo (Report, 12 September) will be followed by some sort of cash offer for every adult in the UK should Mr Farage win the next election?
Phil Thomas
Frodsham, Cheshire

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© Photograph: Alamy/Allstar

© Photograph: Alamy/Allstar

© Photograph: Alamy/Allstar

Ancient Etruscan Tombs May Have Been Engineered to Manipulate the Senses, New Research Suggests

12 September 2026 at 15:51

For decades, the painted tombs of Tarquinia, Italy, have been viewed as artwork depicting scenes of music, feasting, processions, and the afterlife that date back to the first millennium BCE.

A recent study took a different approach to interpreting these paintings by examining how the physical characteristics of these tombs might have affected the senses of the ancient people who visited them. Archaeologists Maurizio Forte of Duke University and Jacqueline Ortoleva of the University of Oxford used AI-assisted visual analysis, 3D architectural modeling, and acoustic surveys to reconstruct the physical experience of entering two tombs over 2,400 years old.

The researchers propose that these tombs not only served as burial sites but also as spaces that could shape visitors’ sensory experiences. Their findings, published in the Journal of Archaeological Method and Theory, indicate that the two chambers could have produced contrasting sensory effects.

Modeling What Ancient Visitors Would Have Felt

Forte and Ortoleva prepared detailed three-dimensional models of both tombs and conducted acoustic surveys in order to gain an understanding of the sensory experience. To do this, they played recorded handclaps at different locations within each chamber and measured how the sound decayed and propagated through the space. The results indicated that low-frequency sounds under 1,000 Hz were particularly important in this environment. Forte and Ortoleva stated that people not only hear these sounds but also feel them in the body, where they can cause vibration, disorientation, and possibly alterations in cognitive state.

The team used AI models to identify features that may have attracted attention and to determine where rituals may have taken place. Lighting relied on candlelight, as torches would have produced unsafe amounts of smoke in these confined spaces.

A Calming Experience

Built between 450 and 400 BCE, the smaller Tomba del Gallo offers a striking contrast to the larger tomb. A steep stairway measuring 3.31 meters long and 2.5 meters wide descends to a burial chamber. The artists painted a banquet scene on one wall of the stairway corridor and musicians playing pipe instruments on the opposite wall.. This stairway leads directly into the main chamber.

In the main chamber, visitors naturally focus on the paintings and on points where the architecture changes. Areas of high curvature where the chamber walls meet function as visual focal points. Visitors may have used these areas for ritual offerings or performed ritual gestures there.

The acoustics in the Tomba del Gallo also suggest this function. The reverberation in the chamber is short and doesn’t allow sound to build up. Instead, it rises and moves away from the space. The researchers’ simulations link the combination of clear sightlines and short reverberation to alpha-band brain activity, often associated with relaxed alertness and focused visual attention. The researchers describe the result as a comparatively calm, focused experience that lets visitors concentrate on the paintings.

A Disorienting Descent Into the Afterlife

The second tomb, Tomba dei Demoni Azzurri, dates to the same period, between 450 and 420 BCE. The burial chamber is much larger, measuring 6.2 by 6.1 meters, almost four times as large as that of Tomba del Gallo.

One image in the tomb depicts a group of demons with a small boat carrying a woman and a smaller man. Etruscan iconography often associated demons with the afterlife.

Compared with the Tomba del Gallo, the acoustics in this chamber are considerably more intense. The reverberation is greater and lasts longer, particularly in the area near the banquet scene, and sound passes easily between the tomb and the outside area. Forte and Ortoleva state that the variety of reverberation times means both low-frequency sounds, such as drumbeats or handclaps, and high-frequency sounds such as voices would have echoed throughout the space, thus producing a far more powerful sonic environment than in the smaller tomb.

“Visual saliency analysis identifies the blue demon on the right wall as an extreme attentional attractor,” Forte and Ortoleva write. “The demon’s chromatic qualities, combined with its aggressive posture and spatial prominence in the center of the burial chamber’s right wall, produce an element of visual surprise. The visual gaze is arrested and attention seems to be forcibly captured. This is paralleled by the acoustics of the tomb.”

The combination of low-frequency vibration, loss of spatial orientation, and increasingly unintelligible speech may have left visitors feeling disembodied and disoriented. The team’s simulations link these effects to beta-band activity and transient gamma bursts, which are associated with heightened alertness and threat detection.

An Open Question

Together, the two tombs suggest that Etruscan mourners moved through carefully arranged environments of candlelight, painted figures, and resonant sound, with each tomb offering a distinct sensory experience. It remains unclear whether the tomb builders intentionally designed these effects or if they simply resulted from the available architecture and materials.

Austin Burgess is a writer and researcher with a background in sales, marketing, and data analytics. He holds an MBA, a Bachelor of Science in Business Administration, and a data analytics certification. His work focuses on breaking scientific developments, with an emphasis on emerging biology, cognitive neuroscience, and archaeological discoveries.

Artemis II commander and pilot become NASA's first astronaut emeriti

10 September 2026 at 12:30

The commander and pilot of NASA's Artemis II mission have gained a new distinction five months after splashing down from the Moon: They're not fully retiring from the space agency.

Reid Wiseman and Victor Glover are the first astronauts to join NASA's emeritus program, enabling them to continue to support the work being done at Johnson Space Center in Houston. They will remain available to train and mentor the current workforce while still being able to pursue employment and opportunities outside of NASA.

"I have asked NASA ... to not use the term 'retire' as much, but technically emeritus is a retirement program," Glover told collectSPACE.com on Wednesday. "It's something we have typically done for scientists when they have groundbreaking research, and they want to go back to academia to teach or to research and publish."

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© NASA/Kim Shiflett

Artemis II commander and pilot become NASA's first astronaut emeriti

10 September 2026 at 12:30

The commander and pilot of NASA's Artemis II mission have gained a new distinction five months after splashing down from the Moon: They're not fully retiring from the space agency.

Reid Wiseman and Victor Glover are the first astronauts to join NASA's emeritus program, enabling them to continue to support the work being done at Johnson Space Center in Houston. They will remain available to train and mentor the current workforce while still being able to pursue employment and opportunities outside of NASA.

"I have asked NASA ... to not use the term 'retire' as much, but technically emeritus is a retirement program," Glover told collectSPACE.com on Wednesday. "It's something we have typically done for scientists when they have groundbreaking research, and they want to go back to academia to teach or to research and publish."

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© NASA/Kim Shiflett

God told them to sell crypto. Their investors lost everything.

10 September 2026 at 10:00

This article was produced in partnership with Type Investigations and with support from the Fund for Investigative Journalism.

When Eli Regalado first heard God speak to him, he wondered whether he was hallucinating. Now he likens the experience to having “a thought that is not my thought.” Divine words echo in his mind like a line from a movie or the memory of a loved one’s voice. “It’s not ‘You better do this,’” he says. “It’s just a knowing inside you: This is what you do.”

Holy messages arrive daily while Eli is praying, reading, or watching television. Sometimes they surface in prophetic dreams or missives from strangers. Occasionally, they appear midsentence, when he pauses to ask, “Lord, what do you want to say here?” 

Eli’s wife, Kaitlyn, tends to get heavenly dispatches in the shower, when she finally has a moment to herself. Other times, she seeks counsel from above. “I’ll be writing in my journal and praying and asking questions and just believing what I’m hearing is Him,” she says. 

God’s directives have been manifold. According to the Regalados, He told them to get married, buy a house, and start having kids. When Eli owned a marketing firm in Colorado, He told him what to name it, whom to hire, and which clients to take on. Then God told him to start preaching in his living room and online. Always, the couple obeyed. 

In 2021, when Eli was 41 and Kaitlyn was 28, divine guidance steered them in an unexpected new direction: crypto. 

That October, the Regalados later testified in court, Eli’s sister and her husband gifted the couple some of their holdings in a little-known digital coin. “Take this to my people for a wealth transfer,” Eli heard God say. He and Kaitlyn felt that they were being called to sell the cryptocurrency to fellow Christians. 

Later, though they had no background in crypto, they came to believe that God wanted them to launch their own coin. Learning as they went, the Regalados created a new cryptocurrency called INDXcoin, which they promoted through family, friends, and contacts in evangelical Christian circles. “I was really feeling that this is the wave of the future,” says Debbie Bonilla, a retired pharmacy technician in her 70s who bought INDXcoin with her husband, Jose. The couple learned about the currency through friends—a minister and his wife, who had also invested. “We just trusted that their judgment was good,” Jose says.

Starting in November 2022, Debbie and Jose withdrew a total of $70,000 from their retirement accounts—a large share of their nest egg—to buy INDXcoin. In all, more than 500 people handed over a total of more than $3 million to the Regalados.

But within a year after the Bonillas bought in, the project collapsed. Investors who had entrusted the Regalados with large sums of cash lost it all, leaving many to wonder where the funds went and some to question whether they had fallen victim to an elaborate fraud.

“Poof—the money just evaporated,” Debbie told me. “Like, how does that happen?”


Though Eli believed God was leading him into crypto, he claims he was initially apprehensive. “Absolutely not,” he recalls thinking. “I don’t know anything about cryptocurrency, and I don’t want to be caught up in some church scam.”

The crypto market was booming, and the Regalados knew people who’d made a fortune investing in early-stage coins. But a growing interest in digital assets also meant a rise in crypto fraud. 

In 2025, crypto scammers collected at least $14 billion worldwide, a 17% increase from the previous year, according to blockchain analytics firm Chainalysis. And in the United States, victims of fraudulent crypto investment schemes reported $7.2 billion in losses to the FBI. 

Fraud is on the rise partly because many people who invest in crypto don’t fully understand how it works, and launching digital coins is relatively easy. More than 3 million cryptocurrencies were minted in August 2026 alone, according to the website CoinMarketCap. “It’s just something anybody can create,” says Jason Ghetian, a former FBI special agent who has served as an expert witness in crypto cases.

In the US, much of the crypto market lacks the oversight and investor protections in place in traditional finance, including rules around transparency and safeguarding customer assets. “There isn’t adequate disclosure; there’s fraud, there’s manipulation of the price, there’s conflicts of interest,” says Timothy Massad, former chairman of the US Commodity Futures Trading Commission (CFTC). The sector is overseen by a tangled web of state and federal regulators, including the CFTC, the Securities and Exchange Commission, the Financial Crimes Enforcement Network, and others. But “every agency has its own tests and definitions,” says Carol Goforth, a law professor at the University of Arkansas who has written a textbook on crypto regulation. “It is a complicated, fragmented, and often inconsistent approach.” 

After the industry spent around $135 million backing crypto-friendly candidates in the 2024 election cycle, the federal government significantly scaled back enforcement efforts. Last year, the Justice Department disbanded its unit focused on crypto crimes, and the Trump White House created a working group aimed at “eliminating regulatory overreach on digital assets.” 

The SEC has dropped or retreated from the majority of its active lawsuits against crypto firms, including many with financial ties to the president, the New York Times reported. Donald Trump and his family have netted at least $2.3 billion from their crypto ventures since his reelection, Reuters recently estimated. In August 2026, the SEC proposed new rules that would narrow the circumstances in which crypto transactions fall under securities laws, further limiting the agency’s oversight of the industry. “Any future enforcement will have an uphill battle,” Goforth says. 

Even when crypto projects operate aboveboard, prices are often driven by speculation, and large swings are common. Investing in crypto comes with considerable risk, experts say. “With the exception of stablecoins, crypto assets are essentially Ponzi schemes,” says Hilary Allen, a law professor at American University. “There is nothing behind them—no cash flow, no productive capacity—so the only way they can be more valuable is to draw more people in.”

In recent years, state and federal authorities have brought a series of cases against people they allege ran crypto scams that targeted religious communities—an example of what’s known as affinity fraud. Among them are a couple accused of using faith-based appeals to defraud primarily Haitian immigrants of more than $1 billion, an Instagram influencer who took in over $12 million from Muslim followers, and a Miami pastor charged with stealing millions from his Spanish-speaking congregation. “‘God told me’—who can argue with that?” Ghetian says. 

“The ties you have with other people—the trust you have—is what the people who are running the scam play on,” says Tung Chan, commissioner of the Colorado Division of Securities. In a civil case filed in January 2024, she accused the Regalados of using investors’ Christian faith to dupe them into buying crypto that was “essentially worthless.” 

The suit, filed in Denver District Court, alleged that the couple spent around $1.3 million—nearly 40% of the funds they raised—on personal expenses. Purchases included high-end vacations, designer clothing, jewelry, cosmetic dental work, a Range Rover, an au pair, and extensive home renovations. In her lawsuit, Chan contended that the couple’s “drive to make money” was matched only by “their reckless disregard of securities laws and profound lack of scruples towards their investors.”

Then, in July 2025, Denver’s district attorney charged the Regalados with 40 felonies, including theft, racketeering, and securities fraud. If convicted, they could face decades in prison. But the couple maintain that they haven’t done anything wrong and were simply carrying out God’s wishes. 

“If you think following the Lord is reckless, then yeah, we were very reckless,” Eli told me. “Because we just listened and did what the Lord said to do.”


Eli says that when he first heard from the heavens, he was behind bars. 

It was 2002, and he was 22, facing eight years in prison for stealing a Honda Civic. Eli had originally been sentenced when he was 20 but was let out after just seven months; he was sent back to jail when he violated the terms of his probation by breaking a beer bottle on a man’s face. 

This time around, as Eli tells it, his public defender warned him that it was “legally impossible” that he’d be released early again. But he heard a voice in his head repeating, “I’m going to give you probation.” And then it happened: A judge suspended his sentence. The incident became core to his worldview: “It first has to … look completely impossible,” he says, “and then that’s when God resurrects it.” 

After he got out of prison, Eli’s religious zeal didn’t stick. He threw himself into a worldly goal: making money. “I just need to put on this success mask,” he recalls thinking, “so that people would see me as valuable.” He marked “no” when asked about felony convictions on job applications and eventually discovered that he had an aptitude for sales. He hawked everything from vacuum cleaners to leads for contractors, before pivoting to marketing. 

In 2010, Icosa Magazine, a Denver-based publication, brought Eli on as a consultant. “He is the most charismatic bullshitter I have ever met in my life,” says Jan Mazotti, who was editor-in-chief at the time. She recalls Eli telling her that Kimbal Musk, Elon Musk’s brother, had offered to let the magazine host events at his restaurant: “I called up there, and they were like, ‘I have no idea what you’re talking about.’” (Eli doesn’t recall the incident.)

In 2013, Eli launched Mad Hatter Agency, a marketing firm specializing in crowdfunding campaigns. Nikko Lobato, an early employee, observed that Eli got a rush from selling that reminded him of Leonardo DiCaprio’s character in the film The Wolf of Wall Street. Eli accepted so many projects, Lobato says, that he sometimes ended up “overpromising and underdelivering.” Four clients I contacted were satisfied; three were not, including one who ended his contract “due to poor performance.” Mike Stemple, an entrepreneur and author, told me that Eli volunteered to help him market a course but never did. (Eli says they had a “personality conflict.”) “My hope, Eli,” Stemple wrote in an email, “is that you understand that your gift to be able to sell anything to anyone … can easily be destructive.” 

After he was released from prison, Eli threw himself into a career in sales. “I just need to put on this success mask,” he recalls thinking, “so that people would see me as valuable.”
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Eli’s personal life was chaotic. “I was always in and out of relationships,” he says. “I was drinking, partying, doing drugs.” He blames his professional missteps on cocaine use and a “nervous breakdown.” He told me that by 2018, as he approached 40, he felt “scared of not becoming somebody” and contemplated suicide. Eli was coming off a three-day cocaine bender when his mother gave him a book called The Power of Right Believing by a Singaporean pastor, Joseph Prince. It moved him deeply. He began delving into charismatic Christianity, a movement that emphasizes a strong personal relationship with God, including prophecy, healing, and speaking in tongues. 

Heeding divine direction, Eli says, he quit drugs and hired nearly a dozen friends and relatives to work at his marketing agency, which he renamed Grace Led Marketing. He also started leading daily Bible study with employees and preaching at weekly gatherings in his living room. In 2020, he formed a church called Victorious Grace and began broadcasting sermons on Facebook. 

That summer, Eli met Kaitlyn at a party. Thirteen years his junior, Kaitlyn was slender and soft-spoken, with straight dark hair and a gleaming smile. Immediately, she told me, “I just trusted the man with my life.” On their first date, Kaitlyn was “saved” over dinner. Within four months, they wed and bought a house in Denver, and Kaitlyn began running operations at Grace Led Marketing. 

By the end of 2020, however, the newlyweds’ income had begun to nosedive. Crowdfunding campaigns were underperforming and clients were paying late, they say. Eli owed over $160,000 in unpaid taxes. “I feel like a failure,” he recalls thinking.

The Regalados further strained their finances by again following what they saw as God’s will. After learning that she was pregnant in March 2021, Kaitlyn took $60,000 out of her 401(k) and paid an architect to draw up plans for a home renovation. Their vision started small but expanded, nearly doubling the home’s original square footage: enlarging their bedroom, adding another, and creating two offices, a gym, and a family room with a bar. “The Lord’s like, ‘Just do it how you want to,’” Kaitlyn recalls. Within months, they had emptied the 401(k). On the strength of another divine pronouncement, they shuttered their marketing business. “We needed a financial miracle badly,” Kaitlyn says.

One night, the Regalados woke at around 4:30 a.m. to a blaring television. Onscreen, Bill Winston, a televangelist based near Chicago, was talking about “sowing a seed.” Often associated with the prosperity gospel, the practice holds that by donating money to worthy recipients, believers create the conditions for future blessings. 

“God is telling us to give all we have in both the business + personal accounts to receive 100 fold,” Kaitlyn wrote in her journal in mid-October 2021. The couple had no income and were struggling to pay their bills. Yet shortly before their first child was born, they say, they sent their last $2,718.44 to Bill Winston Ministries.


Just two weeks passed before their divine bounty seemed to arrive. Eli’s sister Raina Applegate and her husband, Daniel, gifted them a trove of cryptocurrency called Sumcoin, the Regalados later testified in their civil trial. In his testimony, Eli recalled them saying, “God is telling us to sow this into you.” (Raina did not respond to requests for comment; Daniel declined to answer specific questions but disputed our reporting and warned that Eli’s version of events should not be trusted.) 

Created in 2016 by Ty Jacobsen, a 32-year-old in Idaho who published content about investing online, Sumcoin billed itself as “the world’s first index based cryptocurrency.” The coin’s website stated that its price was determined by an algorithm that tracked the performance of the top 100 cryptocurrencies. According to their civil trial testimony, the Regalados believed that the Sumcoin they had been gifted was worth around $2 million.

Soon after receiving the cryptocurrency, Eli was praying at his kitchen table when he heard God instruct him to “take this Sumcoin to my people, the church.” To the Regalados, signs that they should start selling the coin to other Christians seemed irrefutable: Kaitlyn was drawn to scripture containing the word “hidden”—which translates to kryptós in Greek. A friend who had agreed to pray about whether they should venture into crypto called to confirm: “The Lord says yes.” Despite Eli’s initial concerns about their lack of experience, the Regalados decided to proceed.

The friend, who ran a faith-based coaching business, invited people to join Eli in video calls that were part Bible study, part Sumcoin sales pitch. Within five days, the Regalados had recorded around $9,000 in profit. By February 2022, they were fielding so many queries that Eli hosted a webinar. “Sumcoin is the only coin that can’t be pumped and dumped,” he declared. “It’s very similar to, like, the S&P 500.” (Unlike stock index funds, Sumcoin had no underlying assets to back its value.) That month, the couple made over $260,000 in sales.

Yet Sumcoin was not listed on any of the major crypto exchanges, meaning that those who owned it could mainly trade it with others one-on-one at whatever price the parties agreed on. In a video call with Eli and people interested in Sumcoin, Daniel stated that “the goal is to get the coin 100% liquidable in every facet there is,” including “putting the coin on the exchanges.” The Regalados also told the people they sold Sumcoin to that it would soon appear on exchanges. Once that happened, coins would trade at the price Sumcoin’s algorithm set, according to a deck the Regalados sent one investor in February 2022. One slide put that price at more than $1,200 and included a chart offering coins for $60 to $80. 

But months into peddling Sumcoin, the Regalados learned from Jacobsen, its founder, that he wasn’t planning to list it on mainstream exchanges. Jacobsen told me he never intended for the coin to be traded like a stock, asserting, “I’ve never really looked at it as an investment.” This proved to be a major point of contention between Eli and Jacobsen. “He was lying to people about what he was doing,” Jacobsen says, “about what the future was going to hold.” Eli insists, “I was relaying what I was being told.”

By June 2022, the Regalados were hearing a new heavenly instruction: “Build your own coin.”


The Regalados called it INDXcoin. Like Sumcoin, it would base its price on the value of the top 100 digital coins by market cap. Most new cryptocurrencies are tokens created on top of existing blockchains—something anyone can do in minutes through an online token generator. But Eli heard God say, “Don’t do that; it has to be its own thing.” So the Regalados chose a harder route: launching their own blockchain and native coin. They say they paid two developers who’d worked on Sumcoin $100,000 to bring the project to life. Eli says he and Kaitlyn told them, “We don’t know anything that we’re doing.” 

The couple learned on the fly, typing questions like “What is a blockchain?” into YouTube and ChatGPT. Eli saw that crypto projects often issue a white paper to outline their strategy and mechanics, so he hired a freelancer to draft one. The resulting document explained that INDXcoin’s target market included “Christian Believers” and “less experienced crypto enthusiasts.” A website the Regalados created referred to INDXcoin as “the perfect crypto” and touted “incredible growth with minimal risk.” (It noted that INDXcoin was “not a fund” and “does not own the coins it indexes.”)

Before striking upon crypto, the couple struggled to pay bills and prayed for “a financial miracle.”
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The Regalados gave the people they’d sold Sumcoin to INDXcoin instead. Friends, relatives, and others in their religious network spread the word, and the couple offered some of them referral commissions of 30%. The Regalados also gifted INDXcoin—what they considered “sowing”—to ministries and individuals, some of whom went on to buy more. And they publicized the project on social media, a podcast, and a Christian TV program, as well as through a promotional contest.

In a video sent to prospective buyers, Eli was open about his criminal past and lack of crypto experience. Quoting scripture, he hyped the venture as the latest in “a chain reaction of miracles” and said, “God wants you to have things.” 

Debbie and Jose Bonilla, the retired couple who bought $70,000 worth of INDXcoin, say that when they watched one of Eli’s presentations before investing, he appeared to be well versed in scripture. “He seemed sincere,” Debbie says. “He seemed like he was hearing from God.” Because it was a “God-driven vehicle,” she says, she “didn’t feel like we would have nefarious things going on that happen with other cryptocurrencies.”

A more tangible prospect also beckoned. “There was an explanation of how wonderful the returns would be,” Jose says. “That was the selling point—that you could become rich overnight.” 


Initially, the Regalados told buyers that they were working to list INDXcoin on established exchanges. They learned that many platforms conduct a legal review to determine whether a coin could be considered a security. For crypto projects, courts have ruled that “when you sell something to people, and people have some reasonable expectation of profit from your actions, then it’s a security,” Massad, the former CFTC chair, told me. Issuers of coins deemed securities must follow the same laws governing stocks and bonds, including registering with the SEC and providing detailed financial disclosures. 

The Regalados were not complying with those rules, and Eli began consulting attorneys, whose assessments were concerning. “Freaking out here,” he wrote in his journal in the summer of 2022. “Lawyers are saying it could be a security. Which means I illegally sold this to 100+ people.” But after praying with a “prophetic team” they’d convened to advise them, the Regalados continued selling INDXcoin. 

By the fall of 2022, the couple seemed to have found a way forward: After meeting with an attorney named John Benemerito, they decided to position INDXcoin as a “utility” coin, the main purpose of which would be unlocking access to products or services—akin to tokens redeemed in a video game. The Regalados devised a plan to create Kingdom Wealth Community, a members-only platform where INDXcoin holders would have access to coaching, merchandise, courses on finance and spirituality, and more. After reviewing their vision, Benemerito stated in a letter that INDXcoin didn’t need to comply with securities laws, because “it does not provide a direct expectation of profits.” 

“Utility coins do not need to be asset-backed as their value is within the platform itself,” a lawyer from Benemerito’s firm later wrote to the Regalados. “However, if the intent is to give the coin a value independent of the platform, then it would need to be asset-backed for it to maintain its value.”

Eli later admitted in court that he did not inform Benemerito that people who bought INDXcoin wanted to make money. (Benemerito told me that “any legal opinion issued by my firm was based on the facts and representations provided to us by the client.”)

Around the same time, Eli told me, the Regalados were having trouble getting INDXcoin listed on existing exchanges. They decided to build not just Kingdom Wealth Community but also their own platform—Kingdom Wealth Exchange—where people could trade INDXcoin for bitcoin, ether, and US dollars. Hundreds of crypto exchanges exist, but the top few handle the vast majority of transactions; it’s rare for cryptocurrency creators to build an exchange just to enable trade in their coin. But the Regalados had told buyers there would be a way to cash out. “There was a lot of pressure as more people were coming in,” Kaitlyn says. “Like, ‘Oh, we gotta get them an exit.’” 

The Regalados announced that it would take five weeks to build the exchange, but development work, which they’d outsourced to an Indian firm they’d found online, dragged on into early 2023. “Nothing was working right,” Eli says. 

Other roadblocks piled up. A Singaporean consulting firm the Regalados hired suggested that they register Kingdom Wealth Exchange as a money services business in Canada, “allegedly because they were the fastest,” Kaitlyn says, but that process also stalled for months. Meanwhile, the members-only community and crypto wallets the Regalados were building were rife with technical issues. When the couple commissioned a security audit of INDXcoin’s blockchain, it scored 0 out of 10. A follow-up audit in March 2023 noted that the issues had been fixed but raised additional concerns, and it yielded a score of only 5.4. (Eli announced that they’d “passed with flying colors.”) 

Insiders were also voicing misgivings about the project’s financial footing. During a live YouTube update back in November 2022, two viewers asked Eli to comment on INDXcoin’s “liquidity pool.” Earlier that month, FTX, one of the world’s largest crypto exchanges, had collapsed after fears about its financial health triggered billions of dollars in customer withdrawals. Eli assured viewers that he and Kaitlyn were working to ensure that they had sufficient reserves and that “there isn’t going to be some FTX meltdown.”

Months later, when the Regalados sent their business plan and white paper to an INDXcoin investor who worked as a financial consultant, he cautioned that “the project is seriously undercapitalized” and wrote in an email, “Projected annual revenues look like they were just plucked from the air.” 

And when Roger Gauthier, another investor who referred people to INDXcoin, asked Eli whether he had set aside funds for purchasers who wanted out, Eli said no. “That was my first flag of warning,” Gauthier says.

Dan Wheeler, a crypto influencer known as 360Trader who advised the Regalados on INDXcoin, says he repeatedly warned Eli that the couple needed hundreds of millions of dollars to back the stated value of coins sold and given away. “If there’s no money there,” Wheeler says, “it’s worthless.” 


By April 2023, Eli was growing more frustrated: Kingdom Wealth Exchange was nearly six months behind schedule, and payments to the developers in India had ballooned to more than $50,000. People were bombarding him with messages asking when the platform would open. “There’s this humiliation—no one likes failing,” Eli told me. “I succumbed to that pressure.” 

The Regalados were staying at a luxury resort in the Florida Keys dotted with palm trees and bougainvillea. One day, Eli was praying on a wicker couch in an open-air tiki hut when he heard God tell him it was time to launch the exchange. He found Kaitlyn and told her, “We’re live on April 11.” 

Kaitlyn objected. During testing, the platform still had bugs, including trouble verifying users’ identities. The Regalados hadn’t been able to open a bank account for the exchange, which meant users could transact only in bitcoin and ether, not US dollars and other fiat currencies. And the Regalados hadn’t gotten far in building the community space they’d discussed with their lawyer, having launched just one course. 

“We don’t have to have it perfect,” Eli told Kaitlyn. “Let’s just rock and roll. Let’s just get money in. Let’s get these people off our back.” 

In the days leading up to the launch, the Regalados discussed limiting sales, a practice crypto platforms sometimes use to manage liquidity and volatility. If INDXcoin holders dumped all the currency they’d bought or gotten for free, it would take over $300 million to fulfill sales orders. But Eli kept hearing God say, “Don’t limit me.” He pushed back: “Then we can basically have what’s called a run on the bank, right?” The evening before the launch, the couple prayed again. “Kait + I got the same verse,” Eli wrote in his journal. “Don’t turn selling off.” 

On the morning of April 11, Kaitlyn was beginning to feel optimistic, and Eli was buzzing. “This thing’s gonna explode,” he thought. At 11 a.m., Eli appeared on a livestream. A print of a gray wolf loomed over his shoulder. “Hello INDXcoin family,” he began, clapping for emphasis. “We are live!” 

For investors, returns finally seemed within reach. The exchange initially showed INDXcoin trading at around 10 times what people had paid for it, based on how the crypto market was performing overall; the Bonillas’ $70,000 investment looked to be worth more than $716,000. 

MATT NAGER

But nearly an hour into the broadcast—after slides of Bible verses and rosy projections—a viewer posted a complaint in the chat: “Exchange says I can’t sell INDX.” “It’s probably just because the liquidity isn’t there right now,” Eli explained calmly. “Just wait a little bit.” Ten minutes later, someone else wrote that his sale wasn’t going through. “Just be patient,” Eli said. “The Lord will provide for Himself.”

Over the next few hours, the Regalados kept checking the exchange’s dashboard. Dozens of transactions were rolling in, but the problem was obvious: Sales were dwarfing purchases. By the afternoon, the $30,000 they’d put in to facilitate trades had been drained. They decided to add another $100,000 to the pot. 

A couple hours later, Eli was out getting coffee when he called Kaitlyn to check in. She was crying. “All the liquidity is gone,” she said. 

The next day, the Regalados announced that they were suspending sales. “That was when we saw that we could be in trouble,” Jose Bonilla says. 

Eli told me that after the launch failed, he felt “crushing anxiety” but heard God remind him, “It’s impossible to mess this up.” He and Kaitlyn took steps they hoped would salvage the project, but months passed, and they kept sales on hold.

In June, Jose emailed the Regalados, explaining that he needed to withdraw half of his investment to fund a community development initiative he’d founded in his native Colombia. Eli replied that they had just reopened sales—limited to one coin per day and 10 per month. When they did so, the exchange had around $20,000 available to fulfill sales orders. “Liquidating HALF of your coins is not probable at this juncture,” Eli wrote. Three days after sales resumed, the Regalados halted them again, blaming a technical glitch. 

When Jose followed up a few months later about pulling out half of his investment, Eli replied, “At this time there is zero funds to do that.” In November 2023, the Regalados shut down the exchange and took INDXcoin’s blockchain offline. 

“Shame, condemnation, suicidal thoughts have just been pouring in hot and heavy on me,” Eli shared in a video update, standing before an image of a swirling purple cosmos. “Where did I get this wrong?”


Two months later, the Regalados learned that Colorado’s securities regulator was accusing them of committing fraud and selling unregistered securities. The state soon added to the suit 12 defendants it said had received commissions for selling INDXcoin, alleging that they had also sold unregistered securities. Among them were Eli’s brother-in-law, Daniel Applegate, and a company associated with Gauthier, the INDXcoin investor. A judge entered a default judgment after they failed to respond and ordered them to pay judgments of $15,000 and $34,400, respectively. Eli’s father, Eligio Regalado Sr., who was also accused of securities fraud, agreed to refund $122,000 to friends, relatives, and colleagues without admitting or denying liability. (Gauthier denied wrongdoing; Eli’s father, through his attorney, declined to comment. Daniel denied being a part of INDXcoin and, despite being named in the lawsuit, claims that it has nothing to do with him and his wife.) 

“I really can’t speak to whether or not he heard God tell him to do it,” Chan, the Colorado securities commissioner who filed the suit, told me. “Even if [the Regalados] meant it from the goodness of their heart, the problem is, it’s not fair to the investors … They lied and omitted key things.”

I spoke with 20 INDXcoin investors, and nearly all had heard about the coin from a trusted friend, relative, or faith leader. Most had little or no experience with crypto. They funded their purchases by raiding retirement funds, cashing out a pension, using proceeds from selling a small business, or taking out a home equity line of credit they’re still paying interest on. One buyer, a disabled veteran in his 70s, hoped profits from his investment would help him recover financially after he accrued debt while being treated for cancer. Another, who had retired, was forced to get a job at Home Depot in his late 60s. “It’s a gut-wrenching, horrible, helpless feeling,” he says. 

Investors are divided on whether they were conned. Jose Bonilla, who reported the Regalados to authorities, believes that their actions were “totally intentional.” “They are using a spiritual excuse to defraud,” he says. His wife, Debbie, disagrees and thinks that the Regalados simply “got in way over their heads.” 

A number of people who bought in still support the Regalados. “They’re hearing God’s voice and trying their best to follow it,” says Troy Bramblet, a former pastor who lost more than $18,000 on INDXcoin. “It doesn’t guarantee success.” 

Wheeler, the crypto influencer who advised the Regalados, also alerted authorities about INDXcoin but remains unsure whether the couple set out to fleece people. “They are zealots—they are literally blinded,” he says. “If you believe God is going to do a thing, then are you scamming people? No. But look how they spent their money.” 

In a video posted days after the case was filed, Eli admitted that he and Kaitlyn had in fact “sold a cryptocurrency with no clear exit.” He acknowledged that they had pocketed $1.3 million—including money spent on “a home remodel that the Lord told us to do.”


Last November, I visited the Regalados in the three-bedroom townhouse they rent in a Denver suburb dominated by office parks and cookie-cutter condos. The house they own is uninhabitable—renovations stopped halfway through the project, after they stopped making payments. 

In person, Eli is friendly and charming, with a restless energy and subterranean intensity occasionally betrayed by his stare. He is prone to lengthy monologues delivered with such conviction they make you second-guess bald facts. Kaitlyn, who comes across as reserved yet frank, has “Believe” tattooed on her wrist. They told me that they argued frequently after INDXcoin collapsed, but when I was there, Kaitlyn listened to her husband attentively and always laughed at his jokes. 

On a sunny Thursday afternoon, I followed the Regalados upstairs to a corner of their bedroom containing a tiny desk and a whiteboard. The room was modestly furnished with what they said were secondhand finds. The bed was unmade, and a Bible lay on the floor. 

Eli was preparing to address members of INDXcoin’s private forum in his first live call in nearly two months. He closed his eyes and prayed. “Just allow me to speak simply,” he said, like a teenager asking a parent for a favor. “Just be able to use analogies, to be able to bring it down to their level of understanding.” “Amen,” Kaitlyn said. 

After hunting breathlessly for a laptop stand, Eli grabbed a stack of journals—full of divine revelations—and plopped his computer on top. He switched on the camera, and his image appeared before a faux backdrop of potted plants. Eli had a receding hairline and stubbly beard, and he wore a black T-shirt and a silver cross on a thick chain. Before letting callers in, he ran his fingers through his hair and his tongue over his teeth—now perfect, thanks to cosmetic dental work paid for with proceeds from coin sales.  

“Okay. Awesome. All right. So hey, good afternoon, INDXcoin community!” Eli began, flashing a smile. “We’ve got some exciting updates.” Then, in the tone of a tech founder reporting on a strong quarter, he shared the news: Two months earlier, a judge had ruled against the Regalados in their civil case, and they were now facing criminal charges from the district attorney’s office. 

“Someone asked me, ‘Are you going to do a plea?’” He paused to sip water. “Short answer is no … We haven’t done anything wrong.” 

The Regalados deny orchestrating a scam. “If you’re giving massive amounts of money away at the expense of your own self and family, that doesn’t hold up,” Eli says. The couple estimate that they’ve gifted $300,000 in cash, plus a Harley-Davidson motorcycle, a BMW, and a Louis Vuitton bag, to churches and individuals through sowing. They also gave away millions of INDXcoin—90% of the supply. (Eli told me, “No one sows without expecting something in return,” though not necessarily from the recipient.) 

In their civil case, the Regalados represented themselves because they couldn’t afford lawyers. They argued that INDXcoin wasn’t a security because it was a utility coin and that the price was set by “immutable algorithm.” They claimed that their technology provider had caused the exchange to fail, consultants had led them astray on compliance, and attorneys had said they didn’t need to maintain liquidity or disclose spending. (Benemerito, the lawyer the Regalados had retained, told me, “Our firm does not advise clients to violate the law.”)

The judge disagreed, finding that INDXcoin was a security and that the Regalados had misled investors about its true value and risks, where their funds went, how many coins had been given away, and more. Noting a “lack of understanding of the harm they have caused,” she ordered them to pay nearly $3.4 million in damages—the amount of money they’d raised. “Ascribing an algorithmic value to a coin does not make it ‘worth’ that amount,” the judge wrote. “In reality, INDXcoin was worthless because no one wanted to buy it.”

When I visited, two months had passed since the ruling. The Regalados still hadn’t read the judge’s opinion in full but had decided to appeal. Later, they would draft briefs with help from Google Scholar and AI. (The case is still pending.) 

Besides filing court documents and preparing for their criminal case, the couple spend their days like typical suburban parents: taking their kids to playgrounds, walking their chiweenie, working out. They still host biweekly Bible studies. Sometimes they ride their Harley to Palmer Lake or the Rocky Mountain foothills. (“We only wear helmets when it’s windy or cold,” Kaitlyn says.) Their assets were frozen soon after the civil case was filed; Eli had found work selling roofs but says he was fired when his employer learned about his legal troubles. He declines to disclose his current gig. “It’s not related to marketing and not related to crypto,” he says.

After they were sued over INDXcoin, Eli wondered, “Did I just make this up? Am I crazy?” But he and Kaitlyn concluded that the divine signs they’d received were unmistakable. They believe that INDXcoin will eventually gain traction among world leaders losing faith in the US dollar. “We are privately making preparations,” Eli told me.

“God already saw this coming,” he assured viewers during the November video update. “He’s looking at us and saying, ‘Are you willing to believe me no matter what you see?’”


After the call ended, Eli began leafing through his journals and reading sections aloud. Since our first conversation months earlier, the Regalados had been remarkably amenable reporting subjects. They told me that their criminal defense attorneys had advised them against talking to reporters, but they sat for more than a dozen interviews with me. They provided access to INDXcoin’s private forum and supplied emails, photos, and spreadsheets—even though some documents don’t paint their decision-making in a favorable light. Once, Eli emailed to “come clean” that an anecdote he’d told had been slightly embellished. He apologized and assured me, “Everything else I have said is 100% in line with no stretches or exaggeration.” 

The Regalados told me they trusted me in part because God had signed off: Not long after I’d first contacted them, they’d walked into a room with a TV playing Family Feud, and the answer displayed on the screen was “MIT.” Their approach highlighted how they had won over buyers so effectively: They were likable, shared vulnerable details, and telegraphed transparency.  

Still, the Regalados didn’t appear to be feeding me an act they’d just cooked up. Instead, they seemed fully committed to their own narrative: one that paints them as righteous underdogs fulfilling a holy mission, no matter the cost. To let their faith waver would mean that everything they had lost—friends, their home, their reputations—had been in vain. It would mean admitting that they had failed. It would mean that no one was coming to save them. 

Even ending up in prison wouldn’t persuade the Regalados that they’d misheard God. “He’s going to deliver you from everything, so you won’t be there forever,” Kaitlyn says, “and it might just be part of the story.”

During my visit, the Regalados agreed to show me an earlier chapter. We piled into their Ford Raptor truck, their kids in the back, and drove 20 minutes north to a quiet cul-de-sac in a leafy residential neighborhood. 

We slowed near a hulking structure of rotting wooden boards. Red and brown weeds engulfed the lot and threatened to swallow the sidewalk. Out front, a tattered mattress was slumped on its side. Neighbors had sighted squatters and, as winter approached, feared fires. The Regalados still owed their contractor nearly $110,000 for work completed. 

Construction on the Regalados’ home stopped after their crypto venture collapsed.
MATT NAGER

I asked whether we could get out, but Eli and Kaitlyn didn’t want to run into anyone. “I just don’t want to have a conversation of like, ‘When are you gonna cut your grass?’” Eli said. (The city had sent them violation notices the previous year for not maintaining the property.)

As we drove away, I asked how it felt to see the ghost of their dream home. 

“It used to hurt,” Kaitlyn said. 

“Here’s this unfulfilled promise,” Eli added.

But it didn’t bother them anymore. 

“If we lose the house,” Kaitlyn said, “that means we’re getting something way bigger and way better.” 

They made a U-turn at the end of the street and, seat belts unbuckled, rounded the corner without looking back.

Katia Savchuk is an independent journalist based in the San Francisco Bay Area. Her work has appeared in the New Yorker, Forbes, Mother Jones, and many other publications.

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