Alex Morris

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
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.

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