A South Korean firm claimed to have found the wreck of a Russian warship sunk in 1905 with $130 billion worth of gold on board. The cruiser and its treasure are linked to a crypto exchange and token which the firm reportedly promised to distribute to anyone signing up with the exchange. As the country’s financial watchdog investigates the company’s claims, the firm has changed its story.
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Russian Warship Found with Reports of Gold on Board
A Russian warship that sank 113 years ago, the Dmitrii Donskoi, was reportedly found off the coast of a South Korean island last week. A Korean firm, Shinil Group, claims to be the one who found the wreck. Reuters described:
Shinil Marine said last week it had discovered the wreck of the Dmitrii Donskoi, a Russian armored cruiser sunk in 1905 after fighting Japanese warships off South Korea’s Ulleung Island, and that a staggering 150 trillion won ($130 billion) of gold was on board.
The Dmitrii Donskoi.
As soon as the news of the gold coins being found broke, South Korea’s Financial Supervisory Service (FSS) began investigating “whether the company’s claims were part of any share price manipulation or other unlawful trade,” the publication elaborated. In addition, FSS Governor Yoon Suk-heun said that the agency is investigating related “cryptocurrency issues.”
However, Shinil Group has now backtracked on its claims. The news outlet reported CEO Choe Yong-seok admitting during a news conference in Seoul on Thursday that the company “has not verified the existence of any gold.” He was quoted saying, “The [unverified] reports said the Donskoi held 200 tonnes of gold but that would only be 10 trillion won [~$9 billion] at current value
