Vatican Bank Denies Ties to "Vatican Chamber of Commerce" Crypto Scam – Here’s What Happened
- What Was the "Vatican Chamber of Commerce" Crypto Scam?
- How Did the Scammers Operate?
- Why Did the Vatican Bank Speak Out?
- What Were the Red Flags?
- How Can Investors Protect Themselves?
- FAQs About the Vatican Crypto Scam
The Istituto per le Opere di Religione (IOR), commonly known as the Vatican Bank, has publicly distanced itself from a sophisticated cryptocurrency scam impersonating the "Vatican Chamber of Commerce" (VCT). Fraudsters lured investors with fake token sales, fabricated partnerships, and even manipulated Wikipedia entries. Here’s a deep dive into the scheme, its red flags, and why even savvy investors should tread carefully in the crypto space.
What Was the "Vatican Chamber of Commerce" Crypto Scam?
In June 2024, a fraudulent website surfaced, promoting a token called "Vatican Token" (VCT) with claims of backing from the Vatican Bank and partnerships with major blockchain networks. The site, designed to mimic an official Vatican entity, offered a pre-sale of 10 million tokens priced at €25 each. Investors were told the tokens WOULD grant access to an "exclusive economic institution" with perks like early asset offerings and VIP events.
How Did the Scammers Operate?
The fraudsters went to great lengths to appear legitimate:
- Fake Partnerships: The site falsely cited collaborations with Coinbase and other platforms. A now-deleted subdomain (vaticantrade.cb.id) redirected users to a wallet page, exploiting Coinbase’s free ENS-style subdomains.
- Wikipedia Vandalism: A June 11 edit added a fabricated history of the "Vatican Chamber of Commerce," claiming it was founded in 1950. The edit was later flagged as unsourced.
- Religious Manipulation: The scheme preyed on faith, with slogans like "Let your finances be your faith." This mirrors past scams, such as a 2023 case where a Washington preacher defrauded 1,500 investors by claiming divine inspiration.
Why Did the Vatican Bank Speak Out?
The IIOR issued a rare public denial to prevent reputational damage. "The Vatican has no association with this project or any cryptocurrency initiative," a spokesperson emphasized. The bank’s swift response highlights growing concerns about crypto scams exploiting trusted institutions.
What Were the Red Flags?
Experts from BTCC Exchange noted several warning signs:
- Unverifiable Claims: No evidence supported the token’s alleged backing by "real-world assets."
- Pressure Tactics: The "once-in-a-generation" membership pitch created false urgency.
- Anonymous Team: No identifiable founders or developers were linked to the project.
How Can Investors Protect Themselves?
Crypto scams are becoming increasingly sophisticated. Always:
- Verify official communications directly with institutions (e.g., via the Vatican Bank’s verified channels).
- Cross-check partnerships with blockchain explorers like Etherscan or TradingView data.
- Avoid projects using emotional or religious appeals to solicit investments.
FAQs About the Vatican Crypto Scam
Was the Vatican Token (VCT) ever listed on exchanges?
No. The token was only offered through the scam website and had no legitimate exchange listings.
How much money did investors lose?
While exact figures are unclear, similar schemes have collectively defrauded millions. Authorities are investigating.
Can victims recover their funds?
Recovery is unlikely due to the anonymous nature of crypto transactions, but reporting to agencies like the FBI’s IC3 can aid investigations.
