Billions of Korean Won Wasted Instead: ‘Treasure Ship’ ICO Investors Face Consequences

  • Alex Dovbnya
    📰 News

    2,600 investors who put their money into the infamous ‘Russian treasure ship’ scam have collectively lost about $8 mln. These losses could be substantially bigger


Billions of Korean Won Wasted Instead: ‘Treasure Ship’ ICO Investors Face Consequences

2,600 investors who put their money into the infamous ‘Russian treasure ship’ scam have collectively lost more than eight bln Won (about $8 mln). Korea Herald reports that these losses could be substantially bigger if more trading accounts will be found.     

Back in July, a Seoul-based company Shinil Group reported about discovering the wreck of the Russian armored cruiser with $130 bln worth of gold bars and gold coins. Shortly after that, the company launched its own ICO, issuing a new token dubbed ‘Shinil Gold Coin.’ However, the whole coin offering turned out to be fake, and the CEO of the Korean salvage company is currently in hiding.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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