South Korean Exchange claims Russian shipwreck ‘Treasure’

A South Korean firm claims to have found the wreck of a Russian ship sunk in 1905 with $130 billion worth of gold on board. The cruiser and its treasure are linked to a Crypto exchange and token which the firm reportedly promised to distribute to anyone signing up with the exchange.

As soon as the news of the gold coins broke out, the South Korea financial supervisory service (FSS) began investigating whether the company’s claims were part of any share price manipulation or other unlawful trade, as elaborated by the Publications.

In addition, FSS Governor Yoon Suk-heun said that the agency is investigating related “cryptocurrency issues”. However, Shinil group has now backtracked on its claims. The news outlet reported that CEO Choe Yong- Seok admitted during the news conference in Seoul on Thursday that the company “has not verified the existence of any gold”. He was quoted saying that the (unverified) reports at the Donskoi held 200 tonnes of gold but that would only be 10 trillion won ($9 billion) at current value and that he would apologize to the public for the irresponsible citation.

According to the latest report, Shinil Group said it will use the gold coins found on board, once salvaged, to back a new cryptocurrency they will launch called Shinil gold coin. According to the exchange’s roadmap, the coin and its wallet have already been developed.

The token is expected to be listed on 10 exchanges including Shinil group’s Donskoi International exchange as well as other Overseas Global exchanges from September 2018, as claimed by its website.

A phone number on the cryptocurrency exchange website led to the company until last week. What do you think of the bizarre discovery of this Russian ship and its link to Crypto exchange?

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