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 about $8 mln. These losses could be substantially bigger

Cover image via U.Today

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.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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