Italian Bank Falls for €95 Million Impersonation Scam, Funds Move to Bitcoin Wallets

A suspected impersonation scheme led to a massive transfer of €95 million by Italian private bank Fideuram. The funds were sent in 11 payments, mainly to China and Hong Kong, with some going to Portugal.

The scam began when Paolo Molesini, then Fideuram's chairman, received a WhatsApp message from someone claiming to be Intesa Sanpaolo CEO Carlo Messina. The message requested that Fideuram finance a confidential international acquisition before Italy's securities regulator, Consob, could stop it.

Molesini also received a call from someone using the voice of Paolo Nastasi, managing partner of A&O Shearman's Italian office. Nastasi was not involved and did not know his voice had been used.

The callers sent 11 documents to Molesini, including a confidentiality agreement, an authorization purportedly signed by Messina, and payment instructions. A senior funds-and-payments official at Fideuram also received a call from someone posing as the bank's chief executive before Molesini ordered the transfers.

A Chinese bank blocked and returned €42 million, while Portuguese authorities froze another €13 million under a seizure order. The remaining loss was placed at €39.5 million by a Milan judge's ruling.