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The Vatican Bank has firmly denied any association with a fraudulent crypto initiative falsely branded as the “Vatican Chamber of Trade,” which has been promoting fake memberships and token sales.
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This scam project, featuring the counterfeit Vatican Chamber Token (VCT), has been using sophisticated phishing tactics, including the unauthorized use of the Vatican Bank’s real contact information to deceive potential investors.
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According to a Vatican Bank spokesperson cited by COINOTAG, the organization categorically rejects any affiliation with the scheme, labeling it a clear scam designed to exploit unsuspecting individuals.
Vatican Bank disavows fake crypto project “Vatican Chamber of Trade” and its fraudulent Vatican Chamber Token (VCT) amid growing phishing scams.
Vatican Chamber of Trade Scam Token Exposed: A Closer Look at the Fraudulent Claims
The so-called Vatican Chamber of Trade scam promised exclusive benefits to its members, including private investor introductions, custodial asset holding, and priority access to tokenized asset offerings. The project’s website claimed that membership would confer “recognition and credibility” within an elite economic institution, a claim that is entirely fabricated.
The fake token, Vatican Chamber Token (VCT), was marketed with a total supply of 10 million tokens priced at 25 euros each, with a circulating supply of 7 million tokens. Nearly one-third of the tokens were supposedly reserved for future development and operational stability. However, these figures are part of the elaborate deception designed to lure investors into a false sense of security.
Phishing Tactics and Website Sophistication
The scam’s website went to great lengths to appear legitimate, even incorporating the Vatican Bank’s real phone number to enhance credibility. Additionally, a suspicious edit was made to the Vatican Bank’s Wikipedia page, inserting a link to the fraudulent project’s creation date, which was quickly flagged as vandalism due to lack of sourcing.
Further complicating the scam’s facade, the “buy token” button redirected users to a Coinbase wallet page, though the URL originated from a suspicious subdomain (vaticantrade.cb.id) linked to a now-deleted page. This misuse of Coinbase’s Ethereum Name Service (ENS) integration highlights the evolving tactics scammers employ to exploit trusted platforms.
Eligibility Criteria and Red Flags in the Scam’s Membership Requirements
The fraudulent project imposed stringent eligibility criteria, requiring applicants to operate legally registered companies or crypto projects with significant financial thresholds—100,000 euros annual revenue for traditional businesses and 300,000 euros in total value locked or 500,000 euros in trading volume for crypto projects. While these requirements appear rigorous, they serve primarily to create an illusion of exclusivity and legitimacy.
Prospective members were also expected to align ethically with the organization’s purported values of transparency, stewardship, financial inclusion, and sustainability. These lofty ideals starkly contrast with the deceptive nature of the scam, underscoring the manipulative tactics used to gain trust.
Contextualizing the Scam within Broader Crypto Fraud Trends
This incident is part of a wider pattern of sophisticated frauds targeting the crypto community. Earlier in the year, a high-profile case involved a pastor charged with multiple counts of fraud related to a crypto scheme, demonstrating the persistent risks investors face. Authorities continue to emphasize vigilance and due diligence as essential defenses against such scams.
Industry experts urge investors to verify project legitimacy through official channels and remain cautious of unsolicited offers promising exclusive access or guaranteed returns. The Vatican Bank’s public denial serves as a critical reminder of the importance of skepticism in the rapidly evolving crypto landscape.
Conclusion
The Vatican Bank’s unequivocal rejection of the Vatican Chamber of Trade scam highlights the ongoing challenges posed by fraudulent crypto schemes. Investors are advised to exercise heightened caution, thoroughly vet projects, and rely on verified information to safeguard their assets. This case underscores the necessity for continuous education and awareness in navigating the complex and often risky world of cryptocurrency investments.
