The Vatican Bank denied the link to the scam project that promotes Crypto’s fake token
The Istituto Per Le Opere Di Religione (IOR), commonly known as the Vatican Bank, denied any connection to a fake cryptocurrency project that claims it.
The fake token, called the Vatican Chamber token (VCT), has been promoted to an online phishing scam Website The claim to offer a “formal invitation to join one of the most exclusive economic institutions in the world.” Advocates said the “Vatican Chamber of Trade” is receiving new applicants “for the first time in a generation.”
The website goes up to the true number of the Vatican Bank on its website. A Vatican Bank representative who confirmed during a call with Cointelegraph that the project was “a scam,” and rejected any affiliation with it.
The Vatican Chamber of Trade Scam token is exposed
Cointelegraph found that no institution exists in the Vatican called the “Vatican Chamber of Trade.” Adding to the sophistication of the scam, a link has recently been added to Wikipedia by the Vatican Bank PageThe claim of the organization was created in 1950.
However, the link is highlighted in red, indicating that it lacks a resource and likely vandalism. Editing History shows that mention is added as part of a second I -edit of the page that took place on June 11.
The project website has promised that accepted members will gain access to private investor starters and custodial handling, as well as “recognition and credibility.” Members will also get access to a presale of fake VCT tokens, priority access to tokenized asset offerings and exclusive events.
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Being eligible standards lifts red flags
The website Lists Strict criteria for fitting, with potential members who are required to “run a formal registered company or project in compliance with local and international laws.” Traditional businesses require a minimum annual income of 100,000 euros ($ 117,000), while crypto projects require at least 300,000 euros ($ 350,000) in total amount locked or a verified 500,000 Euro ($ 584,000) in a twelve-month-old trading volume.
It is also expected that the members of the prospects are aligned with the basic values of the organization, mentioned as transparency, steward, financial integration and maintenance.
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The promoters claim The VCT token will allow investors to participate in the economic growth of the Vatican Chamber of Trade and supports a diverse portfolio of tokenized assets and worldwide initiatives.
The promised total supply of the token is 10 million, with each price at 25 euros ($ 29). The shifting -the -token supply is 7 million, with 3 million – almost a third of the supply – allocated to the reserve fund to finance the “future development and stability of the operation.”
The “Buy token” button relies the user on a Coinbase wallet page. However, the redirect came from the Vaticantrade.cb.id, which suggests the website originally led to a page now removed from the domain controlled by Coinbase CB.ID.
Coinbase Lets go Any user claims a “username.cb.id” sub-domain for free without knowing your customer checks thanks to an integration of Ethereum Name Service (Ens). Coinbase did not respond to Cointelegraph’s request for comment by publication.
The incident follows many cases of high -profile fraud in the crypto space. In January, Washington pastor Francier Obando Pinillo was charged with 26 counts of fraud For alleged robbery from more than 1,500 investors. The Solano fi scheme – which he reported claimed came to him in a dream – can cost him up to 20 years in prison.
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