Korean Police Raid ICO Firm in Probe of $130 Billion Shipwreck Fraud

South Korean police has raided the firm that claimed to have discovered the shipwreck of a Russian pre-World War 1 battleship carrying $130 billion worth of gold bars and coins.

korean police Korean Police Raid ICO Firm in Probe of $130 Billion Shipwreck Fraud Dmitrii Donskoi
Dmitrii Donskoi, Russian Pre World War 1 Ship

On Tuesday, the Seoul Metropolitan Police Agency has raided Shinil Group, a cryptocurrency startup looking to sell treasure of Dmitrii Donskoi, a sunken ship it claims to have found, as part of an ongoing investigation into alleged fraud. The Seoul police department sent 27 investigators from its white collar crimes unit to search the offices of Shinil Group in Yeouido, western Seoul, as well as seven other locations to confiscate evidence.

The company had launched its own cryptocurrency token, selling tokens to investors for the promise of exchanging their tokens for treasure from the sunken warship.

A single unit of the ‘Shinil Gold Coin’, the company said, was equated to 10,000 won (approx. $8.93) and will be backed by the ship’s gold. According to a local source, the token has gained some 60 billion WON in investments.

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