Korean Organization Discovers $133 billion in Russian Battleship, Designs To Launch ICO

Shinil Group, a South Korea treasure-hunting organization, has announced that it will start an ICO just after identifying value $130 billion in gold from the wreckage of the Russian cruiser Dmitrii Donskoi.

Dmitrii Donskoi was scuttled in 1905 soon after staying severely ruined in the Russo-Japanese War. Because then, it has been ‘found’ a lot of instances in the previous two decades. It is thought to be carrying $130 billion in the type of 5,500 packing containers of gold bars and 200 tons of gold coins.

The most current enterprise, Shinil Group, to learn its hull close to the island of Ulleungdo has furnished the battleship’s picture as proof and has mentioned that it will maintain an ICO whereby the crypto token will be backed by Dmitrii Donskoi’s newly discovered treasure.

Shinil Gold Coin

In a movie, published on YouTube on 16th July, Shinil Group showed how it discovered the wreckage in a time period of two times. To begin with, the company claimed that half of the gold would be returned to Russia, whilst 10% would be donated to fund tourism in the island of Ulleungdo. Now, Shinil Group has mentioned that it strategies to start its own cryptocurrency named ‘Shinil Gold Coin’.

The private sale has reportedly commenced whilst the ICO is expected to commence on 30th July. One Shinil Gold Coin will be equivalent to 10,000 won ($8.87). The token will be shown on numerous exchanges in August or September of this yr.

Is the ICO a Rip-off?

There are a few of concerns that have raised concerns from a variety of media stores. First of all, South Korea’s Ministry of Maritime Affairs and Fisheries explained to BBC Korean that Shinil Group didn’t notify or use for salvage legal rights of Dmitrii Donskoi. At the time it follows this process, the company will need to shell out 10% from the wreckage to the ministry. The only respond to presented to this concern states that salvage will choose position in Oct and a press conference will be executed in the meantime.

Secondly, aside from a press release published on 17th July, Shinil Team has not provided any information concerning its future ICO. The enterprise doesn’t have an formal website or any social media account. A whitepaper detailing the use-situations of Shinil Gold Coin is also absent. Thanks to these unresolved issues, it is significant that crypto investors think two times right before investing their dollars in the ICO.

Showcased graphic from Wikimedia.

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