A South Korean firm claimed to have found the wreck of a Russian warship sunk in 1905 with $130 billion worth of gold on board. The firm reportedly promised to distribute to anyone signing up with the exchange.
The government of South Korea soon started to investigate whether if the corporation’s entitlements were part of any share price handling or other illegal trade.
However, Shinil Group has now backpedaled on its claims. It was further stated that CEO Choe Yong-Seok has admitted in Seoul saying that the company has yet not verified the presence of any gold. The company gave mixed messages at a press conference on stating a lot of confusion and rising worries over why the security, which recorded for an occupational license only last month, seems to be releasing deceptive or incorrect information.
Korean Government Investigates Crypto Issues
In spite of the argument surrounding the shipwreck, the company has planned to endorse its own cryptocurrency called Shinil Gold Coin, which they appealed to be backed by the money they apparently recovered from the sunken ship. At present, the company is leading private sales and plans to launch an ICO on July 30 and to list the coin on exchanges in the month of September.
The company has not printed a white paper nor has it providing any particulars as to the technology underlying the coins.
Adding to the confusion, two identical cryptocurrency websites with the name Shinil Gold, identical logos, and graphic designs surfaced in the wake of the discovery.
However, News Bitcoin reported that Shinil Marine did not agree with any type of linking with the cryptocurrency it just stated that it was run by a different company with the same name, and said currently is has changed its name. A phone number on the cryptocurrency exchange’s website led to the company till last week.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]