A South Korean treasure-hunting firm called Shinil Team not too long ago made headlines across the planet at the time they introduced an ICO following creating the large discovery of a sunken Russiani battleship carrying gold worth $130 billion.

Group users from the firm posted a YouTube online video on July 16th demonstrating how they had been able to allegedly locate wreckage of the Dmitrii Donsoki, a Russian cruiser scuttled in 1905 following looking at battle in the Russo-Japanese War. The wreckage was uncovered close to the island of Ulleungdo.

The ship is considered to be complete of 5,500 packing containers of gold bars and 200 tons of golden coins, with a complete price of close to $130 billion dollars.

From Shipwreck to Shinil Gold Coin?

At first, the firm mentioned fifty percent of the purported gold would be sent again to Russia and 10% would go to support fund tourism on Ulleungdo.

But afterwards, Shinil Team mentioned they would be using the treasure to support start an ICO. The ICO for ‘Shinil Gold Coin’ was scheduled to start on July 30th and the precise token was set to be listed on various exchanges in August or September.

Speculation is now rife that the whole thing might be an elaborate scam.

Investigation Intensifies

A number of regulators, scientists, and market authorities across South Korea have responded to Shinil Group’s claims with a sturdy dose of skepticism.

Shinil Team mentioned as a result of a statement how they had been the “only entity in the world” who have really uncovered the historic ship. This was disputed by a number of folks. The Korea Institute of Ocean Science and Engineering told local media they really uncovered the shipwreck in 2003. Their web-site highlighted pics of 2007 of the alleged wreck and place maps.

Shinil Team mentioned the discovery was a various shipwreck. Even so, the YouTube online video posted previously in the thirty day period by the firm was not able to be viewed as of press time considering that the uploader had shut their YouTube account. Furthermore, South Korea’s Ministry of Maritime Affairs and Fisheries told BBC Korean that Shinil Team did not notify them about the wreck or implement for salvage legal rights.

Issues have also swirled thanks to sparse information about any form of web-site or social media for Shinil Team. Corporation spokesperson Park Sung-jin mentioned in mid-July that just one internet site below Shinil Group’s name was not really affiliated with the firm.

The Korea JoongAng Day by day mentioned they confirmed the company’s purported tackle in Singapore was really employed by an unrelated consulting company.

Seoul’s Gangseo District Law enforcement set out a journey ban yesterday for Shinil Team CEO Choi Yong-seok and other users, and are anticipated to summon the persons. Korea’s Financial Supervisory Company is now also seeking into the firm.

Now, the Korea JoongAng Day by day states a man or woman regarded as Yu Ji-beom posted aspects about the shipwreck on Instagram and a website, and was in cost of opening a digital currency trade called Donskoi Intercontinental Trade. The report clarifies how Yu was “behind the expenditure scam” and is currently in Vietnam to keep away from investigation.

Pictures courtesy of Wikimedia Commons.

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