Vatican Bank Denies Involvement in 25 Euro Crypto Scam

The Vatican Bank, officially known as the Istituto per le Opere di Religione (IOR), has issued a strong denial of any involvement with a fraudulent crypto project that has been circulating under the name "Vatican Chamber of Trade (VCT)." The scam, which has been targeting the crypto community, involves a fake token sale that falsely claims to be backed by the Vatican.

The fraudulent operation was hosted on a meticulously designed website that presented investors with an opportunity to participate in a presale of tokens. The scammers went to great lengths to make the scheme appear legitimate, providing detailed descriptions of the token's purpose and falsely citing partnerships with prominent blockchain networks. The website described the token as a blockchain-based digital asset that would empower investors to participate in the economic growth of the Vatican Chamber of Trade. It claimed to be backed by a diverse portfolio of tokenized assets and real-world initiatives, combining the stability of traditional investments with the dynamic growth potential of cryptocurrency.

The promoters of the VCT token claimed that it would provide investors with a way to support the growth of the so-called Vatican Chamber of Trade’s economy. They asserted that the token was backed by various tokenized assets and real-world projects. The total supply of the token was said to be 10 million, with each token priced at 25 euros. Out of this, 7 million tokens were in circulation, while 3 million were reserved in a fund to support future growth and operational stability.

Users who attempted to purchase the tokens were redirected to a Coinbase wallet page. However, the redirect originated from a subdomain on the Coinbase-controlled domain cb.id, which has since been deleted. This subdomain was claimed through the Ethereum Name Service (ENS), allowing anyone to claim a free subdomain without undergoing Know Your Customer (KYC) checks.

The scam's sophistication was further evident in the promotional materials, which advertised the VCT on a phishing website as a formal invitation to join one of the world’s most exclusive economic institutions. The promoters claimed that new members could join the Vatican Chamber of Trade "for the first time in a generation." Accepted members were promised various benefits, including introductions to private investors, asset trust services, and recognition and credibility. They were also told they would have early access to tokenized asset offers and invitations to special events.

Investors were also expected to align with the group’s core values. The scam's manipulative tactics were highlighted by a recent addition to the Vatican Bank’s Wikipedia page, which falsely claimed the organization was created in 1950. This edit was marked in red, indicating a lack of sources and likely vandalism. The edit history showed that the mention was added on June 11.

The scammers also employed religious manipulation, with the website stating, “We welcome you at the Vatican Chamber of Trade, may your finances as your faith be safe.” This tactic is not new; in January, a preacher from Washington was charged with 26 counts of fraud after allegedly stealing money from over 1,500 investors. He claimed that the Solano Fi scheme came to him in a dream. If found guilty, he could face up to 20 years in jail. The Vatican Chamber Token scam serves as a reminder of the importance of vigilance and thorough research in the crypto market, where sophisticated scams can deceive even the most discerning investors.