Shipwreck ‘packed with gold’ may be a convoluted scam


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It sounded too good to be true. Now, officers say it actually may need been. In mid-July, the South Korea-based Shinil Group introduced that it had found the wreck of the Russian Imperial Navy cruiser Dmitrii Donskoi and that the 200 tons of gold it was carrying when it sank in 1905 had been doubtless nonetheless aboard.

Its worth? $132 billion. “We noticed issues that seem like treasure bins, however we’ve not opened them but.” The one factor they might have noticed was a possibility run a rip-off: It is a bit convoluted, however the allegation is Singapore-based affiliate of the Shinil Group launched a cryptocurrency known as Shinil Gold Coin simply previous to the massive announcement.

Yonhap studies the Singapore outfit “allegedly tried to promote traders cryptocurrency issued primarily based on the potential worth of the shipwreck.” Traders had been allegedly informed that dividends could be paid equal to about 10% of the gold’s worth within the first two quarters of subsequent yr, implying $13 billion, studies Motherboard.

That was apparently sufficient to spur 120,000 Koreans to speculate $53 million into the cryptocurrency—whose web site is now not on-line. Shinil Group has backpedaled, per Reuters, clarifying it would not know if there’s truly gold on the web site of the wreck.

“There is not any method for us to determine” that out, mentioned the corporate, per the AP; and video it mentioned it took of the ship is now not on YouTube.

The Korea Herald studies the Korea-based Shinil Group has denied it has any ties to the cryptocurrency outfit, although it was apparently promoting the cryptocurrency on its web site.

Police are investigating. (Nearer to dwelling, this could be the oldest ever shipwreck in Lake Erie.)

This text initially appeared on Newser: Shipwreck Packed With Gold Might Be a Convoluted Rip-off

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