Vatican Bank Denies Involvement in Fraudulent Cryptocurrency Scam

The Istituto per le Opere di Religione (IOR), commonly known as the Vatican Bank, has publicly denied any involvement with a fraudulent cryptocurrency project that falsely claimed affiliation with the institution. The fake token, named Vatican Chamber Token (VCT), was promoted through a deceptive online phishing scam website. This website falsely claimed to offer a “formal invitation to join one of the world’s most exclusive economic institutions,” stating that the “Vatican Chamber of Trade” was accepting new applicants for the first time in a generation.

The scam website went to great lengths to appear legitimate, even including the real contact number of the Vatican Bank. A representative from the Vatican Bank confirmed during a call that the project is a scam and has no affiliation with the institution. Investigations revealed that no such institution as the “Vatican Chamber of Trade” exists within the Vatican. The scam's sophistication was further 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 project’s website promised that accepted members would gain access to various benefits, including private investor introductions, custodial holding, and “recognition and credibility.” Members were also promised access to a presale of the fake VCT tokens, priority access to tokenized asset offerings, and exclusive events. The eligibility criteria for membership were strict, requiring potential members to operate a formally registered company or project in compliance with local and international laws. Traditional businesses needed a minimum annual revenue of 100,000 euros, while crypto projects required at least 300,000 euros in total value locked or a verified 500,000 euros in a twelve-month cumulative trading volume. Prospective members were also expected to align ethically with the organization’s core values, including transparency, stewardship, financial inclusion, and sustainability.

The promoters of the VCT token claimed that it would allow investors to participate in the economic growth of the Vatican Chamber of Trade and was backed by a diverse portfolio of tokenized assets and real-world initiatives. The token’s total supply was promised to be 10 million, with each priced at 25 euros. The circulating supply was 7 million, with 3 million allocated to a reserve fund to finance future development and operational stability. The “buy token” button on the website redirected users to a Coinbase wallet page, but the redirect came from vaticantrade.cb.id, suggesting the website originally led to a now-deleted page on the Coinbase-controlled domain cb.id. Coinbase allows any user to claim a “username.cb.id” sub-domain for free without Know Your Customer checks thanks to an Ethereum Name Service (ENS) integration.

This incident is part of a broader pattern of high-profile fraud cases in the crypto space. In January, a pastor from Washington was charged with 26 counts of fraud for allegedly stealing from more than 1,500 investors. The Solano Fi scheme, which he reportedly claimed came to him in a dream, could result in up to 20 years in prison. The exposure of the Vatican Chamber Token scam serves as a reminder of the need for vigilance and due diligence in the cryptocurrency industry, where sophisticated scams can deceive even the most discerning investors.