Vatican Bank Denies Ties to VCT Token Scam: How Fraudsters Exploited Faith and Crypto Hype
- The Vatican Token (VCT) Scam: A Masterclass in Deception
- How the Fake Coinbase Connection Worked
- The "Exclusive Membership" Psychological Play
- 3 Red Flags Most Investors Missed
- Why Crypto Scams Keep Evolving
- FAQ: Vatican Token Scam Explained
A sophisticated crypto scam impersonating the Vatican Chamber of Commerce lured investors with fake token offerings, false Coinbase integrations, and religious manipulation. Here’s how the $25M scheme unfolded—and why even savvy investors got duped.
The Vatican Token (VCT) Scam: A Masterclass in Deception
Fraudsters created a convincing fake website for the "Vatican Chamber of Commerce," offering tokens supposedly backed by Vatican assets. The elaborate hoax included:
- Professional web design mimicking official Vatican aesthetics
- Falsified partnerships with major blockchain networks
- A fabricated Wikipedia entry claiming the organization dated back to 1950 (later flagged as vandalism)
According to TradingView data, the scammers priced each VCT token at €25, claiming a total supply of 10 million tokens—7 million in circulation with 3 million reserved for "future growth."
How the Fake Coinbase Connection Worked
The scam's most ingenious element was its apparent integration with Coinbase:
| Scam Tactic | Technical Detail |
|---|---|
| Fake Wallet Redirect | Users clicking "Buy Token" were sent to vaticantrade.cb.id—a now-deleted subdomain exploiting Coinbase's free ENS service |
| No KYC Requirement | Scammers bypassed verification using CB.ID subdomains that don't require identity checks |
BTCC analysts note this loophole has since been addressed, but not before hundreds fell victim.
The "Exclusive Membership" Psychological Play
The scheme preyed on both greed and religious faith through:
- Claims of joining an elite economic institution "for the first time in a generation"
- Promises of early token access and special events
- Direct appeals like: "May your finances be as secure as your faith"
This mirrors January's Solano FI case where a Washington preacher allegedly defrauded 1,500 investors after claiming divine inspiration.
3 Red Flags Most Investors Missed
- Domain Irregularities: The .cb.id extension wasn't an official Coinbase domain
- Token Economics: No verifiable proof of the claimed "diverse asset portfolio" backing VCT
- Wikipedia Vandalism: The June 11 edit adding fake Vatican Chamber history lacked citations
Why Crypto Scams Keep Evolving
As noted on CoinGlass, 2023 saw a 58% increase in religious-themed crypto frauds. The Vatican scam demonstrates how:
- Fraudsters combine financial and emotional manipulation
- Legitimate platforms' features (like ENS) can be weaponized
- Even fabricated institutional credibility can bypass skepticism
FAQ: Vatican Token Scam Explained
How much money did the VCT scam steal?
While exact figures are unconfirmed, the €25 per token price and 7M "circulating supply" suggest potential losses exceeding €175 million.
Did Coinbase facilitate this scam?
No—scammers exploited a since-patched loophole in Coinbase's CB.ID subdomain service, which didn't require KYC verification for free subdomains.
Are there legitimate Vatican-affiliated cryptocurrencies?
The Vatican Bank has repeatedly denied any cryptocurrency initiatives. As of July 2024, no official Catholic institution has endorsed any blockchain projects.
