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South Korean Crypto Firm Uses Fake allegation of Treasure to boost its ICO

A Russian warship Dmitri Donskoi sunk by Japanese in a 1905 war is claimed to have Gold Cargo worth over $190 billion allegedly retrieved by Korean Crypto firm shinil from the Sea Bed.

South Korean police suggest that a Shinil firm had discovered that Dmitri Donskoi, a sunken Russian ship sunk by Japanese in a 1905 war. It is claimed to have Gold Cargo worth over $190 billion of a Cryptocurrency Scam.

A South Korean company, Shinil announced that it has found a treasure worth $190 billion in a sunken Russian warship. However, seated at the bottom of the sea off the coast of South Korea. In fact, the warship which was under Imperial Russian Navy. The ship have been sent to reinforce the Russian Navy fighting in the war. Therefore, it was before meeting its fate in the hands of the Japanese.

There are allegations that the warship carried 200 tons of gold in the form of coins and more than 5000 boxes of gold bars. South Korean Shinil Group of Companies, the company claiming to have found the treasure from the sea produced photographic evidence of a treasure box. Shinil says that the pictures of the treasure box were taken by its remotely piloted vehicle.

Police got alert when Shinil group of companies claimed the gold it found was worth over $190 billion. Records indicates the amount of gold that was in ship which is estimating at $10 billion currently. The company, however, continue to claim that it had in the possession the said gold and would give 10% of its proceeds to Korean Infrastructure projects.

Police Uncovers the Scam on time

Investigators from the South Korean Police paid close attention to the case. Shinil stated it plans to invest another 10 percent of the treasure in a new cryptocurrency system it is establishing. Meanwhile, a company in Singapore affiliated to Shinil was trying to market its crypto based on the value of treasure.

Last month the company claimed it would produce evidence of the gold cargo within a week after its announcement. Shortly it started reduced the estimated value of the gold allegedly found till it came down to just one million dollars. Meanwhile,  more clues pointed Shinil was a scamming crypto enthusiast. However, the company shut its own site and the Shinil Gold Coin cryptocurrency project.

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Jacob Okonya

Since 2013, Jacob has been engaged in blockchain technologies, Bitcoin, and fintech. He worked mostly as a blockchain market researcher, fintech journalist, and online forum moderator.Jacob has contributed to blockchain, Bitcoin, and fintech news articles, for coinidol.com, bitcoinira.com, and other various channels. Jacob’s vision is to disseminate information, contribute to business marketing, and develop the cryptocurrency industry. At STREAMITY exchange, Jacob is involved in creating articles and educational content for different project components, explaining how users can utilize the various resources. 39RTAmNRLQh3tLn5TJy6yY578vDVQuFVZw

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