Can't see ANY details that would confirm or deny this as a Bianchi, except that I'm pretty sure the DOs are Gipiemme...which means probably something made in Italy, but nothing definite.
I think the crackle effect is just bad black paint interacting with poorly prepped existing white paint...wouldn't be too concerned about it meaning definite frame damage but for $200 you ought to be getting a completely undamaged frame...so "caveat emptor".