The Vatican Bank has issued a public statement denying any affiliation with the Vatican Chamber Token (VCT), a suspicious crypto project recently flagged as a scam by Chain Retrieval. The token, which falsely claimed backing from religious institutions, is now under investigation for misleading investors and potentially running a fraudulent scheme.
According to the report, VCT promoted itself as a blockchain initiative inspired by the Vatican’s values, claiming to offer “faith-backed” financial services and exclusive digital access to religious content. The project’s whitepaper included references to the Vatican Bank and used images of Vatican buildings to boost credibility.
However, the Istituto per le Opere di Religione (IOR)—commonly known as the Vatican Bank—has firmly denied any involvement. In an official notice, the institution stated:
“The Vatican Bank has no connection to any cryptocurrency project, including the so-called Vatican Chamber Token. Any claim suggesting otherwise is completely false.”
Chain Retrieval Flags VCT as a Scam Targeting Faith-Based Investors
Chain Retrieval’s investigation reveals that the VCT token website and its developers have no verifiable background, and most of their social media content was AI-generated. The team behind VCT also promised early investors massive returns, exclusive NFT drops of religious art, and access to events supposedly sanctioned by Vatican figures.
Several investors from Europe and Latin America are believed to have lost thousands of dollars, having sent funds to purchase VCT tokens through the project’s self-hosted dApp.
Blockchain forensics show that the funds collected were quickly transferred across multiple wallets, mixed, and converted into stablecoins, indicating a typical rug-pull pattern. No traceable delivery of promised NFTs, staking rewards, or platform features has been found.
Vatican authorities and cybersecurity experts are now calling for stronger oversight of religious branding in crypto promotions. Religious symbols and respected institutions are increasingly being exploited to gain investor trust, particularly among older, faith-driven communities new to Web3.
Chain Retrieval is urging anyone who interacted with the VCT platform to revoke wallet permissions and report suspicious activity to local financial authorities.
The Vatican Bank’s denial also serves as a reminder that legitimate institutions do not launch or endorse cryptocurrency projects without formal and public documentation.