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Fri Aug 10, 2018, 07:11 PM

The Russian "Treasure Ship" Was Likely a Fraud Meant to Boost a Cryptocurrency Scam

Source: Popular Mechanics

A South Korean company that announced it had found more than a hundred billion dollars in gold treasure in a Russian warship is under investigation for possible fraud. The gold apparently does not exist and the company allegedly planned to use news of the treasure to boost a new cryptocurrency.

Last month, the news broke that the Shinil Group, a South Korean company, had discovered the 100-year-old wreck of an Imperial Russian Navy cruiser, the Dmitri Donskoi. A survival of the naval battle of Tsushima, the Donskoi was scuttled off the cost of Ulleung island in the Sea of Japan. Shinil claimed that the ship went down carrying 200 tons of gold coins and 5,000 boxes of gold bars being evacuated from Russia.

Shinil’s explorers claimed to have seen a “treasure box” in the wreckage, although no gold was recovered. Shinil announced that it would apply to salvage the gold, of which the Russian government was entitled to half. It would donate ten percent of the remainder to infrastructure projects benefiting both North and South Korea. Another ten percent would be transferred to holders of the upcoming Shinil Gold Coin cryptocurrency.

Now, claims of the gold are unraveling. The company adjusted the projected value of the gold again and again, and in a filing made with the South Korean government ultimately estimated the treasure onboard amounted to just a million dollars. That’s a far cry from the original $130 billion. The Shinil Group has also shut down and closed its website. The company is also looking into whether Shinil used the news to influence the South Korean stock market.

As for Shinil Gold Coin...it’s nowhere to be seen and the website is down.

Read more: https://www.popularmechanics.com/military/navy-ships/a22698769/russian-treasure-ship-fraud-cryptocurrency/



Okay, crypto-currency officially needs to die...

3 replies, 1140 views

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Reply The Russian "Treasure Ship" Was Likely a Fraud Meant to Boost a Cryptocurrency Scam (Original post)
Blue_Tires Aug 10 OP
bucolic_frolic Aug 10 #1
jberryhill Aug 10 #2
keithbvadu2 Aug 10 #3

Response to Blue_Tires (Original post)

Fri Aug 10, 2018, 07:31 PM

1. Money is an artificial store of value that relies on acceptance and credibility

Money has taken many forms in history, from beads to silver and gold, to the Dutch Tulip Mania. Crypto-currency is the latest incarnation. It just might lay bare the whole psychological confidence game of stores of value.

Hard assets like food I can eat. Or heat my home. Or fuel my car. Money is a means to buy hard assets that service our lives. Money must be universally accepted. Crypto-currency is not there yet.

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Response to bucolic_frolic (Reply #1)

Fri Aug 10, 2018, 07:40 PM

2. The only currency I trust...

Is the giant coins of Yap...

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Response to jberryhill (Reply #2)

Fri Aug 10, 2018, 08:41 PM

3. Big money

Couldn't resist.

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