The Religious Affairs Bureau (IOR), commonly known as the Vatican Bank, has denied any connection to a fraudulent cryptocurrency project that claims to be associated with it.
This fraudulent token, named Vatican Chamber Token (VCT), is being promoted on a phishing scam website that claims to offer "official invitations to join one of the world's most exclusive economic institutions." Promoters on the site state that the "Vatican Chamber of Commerce" is accepting new applicants "for the first time in a generation."
The website even includes the real phone number of the Vatican Bank. A representative from the Vatican Bank confirmed in a phone interview with Cointelegraph that the project "is a scam" and denied any association with it.
Cointelegraph found that there is no institution named "Vatican Chamber of Commerce" in the Vatican. To complicate the scam, a link was recently added to the Vatican Bank's Wikipedia page, claiming that the organization was established in 1950.
However, the link is highlighted in red, indicating a lack of sources and is likely a malicious edit. The edit history shows that this mention was added during the second edit of the page on June 11.
The project's website promises that accepted members will receive services such as introductions to private investors and custodial holdings, as well as "recognition and credibility." Additionally, members will gain access to a presale opportunity for the fraudulent VCT tokens, priority in tokenized asset issuance, and exclusive events.
The website lists strict eligibility criteria, requiring potential members to "operate a formally registered company or project that complies with local and international laws." Traditional businesses need a minimum annual revenue of €100,000 ($117,000), while crypto projects require at least €300,000 ($350,000) in total locked value or a verified €500,000 ($584,000) in 12-month cumulative trading volume.
Potential members must also align ethically with the organization's core values, which include transparency, management accountability, financial inclusion, and sustainability.
Promoters claim that the VCT token will allow investors to participate in the economic growth of the Vatican Chamber of Commerce, supported by a diversified portfolio of tokenized assets and real-world initiatives.
The total promised supply of the token is 10 million, priced at €25 ($29) each. The circulating supply is 7 million, with 3 million—nearly one-third of the supply—allocated to a reserve fund to finance "future development and operational stability."
The "Buy Token" button redirects users to a Coinbase wallet page. However, the redirection comes from vaticantrade.cb.id, indicating that the site originally pointed to a now-deleted page on the Coinbase-controlled domain cb.id.
Due to the integration of Ethereum Name Service (ENS), Coinbase allows any user to apply for a "username.cb.id" subdomain for free, without undergoing Know Your Customer (KYC) checks. As of the time of publication, Coinbase has not responded to Cointelegraph's request for comment.
This incident follows several high-profile fraud cases in the cryptocurrency space. In January, Washington pastor Francier Obando Pinillo faced 26 fraud charges for allegedly stealing funds from over 1,500 investors. He reportedly claimed that the Solano Fi scheme, which he said was revealed to him in a dream, could lead to a maximum of 20 years in prison.
Related: "Behind the $8.7 billion Bitcoin transfer storm": Roger Ver's freedom is turning into a digital cage?
Original article: “Thou shalt not promote: Vatican Bank denies involvement in fraudulent 'Vatican Chamber' crypto token promotion”
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