South Korean authorities are busy now with the investigation of a possible scam, dealing with cryptocurrency investing. the scam is involving the Seoul based Shinil Group and promises something incredible. Shinil Group has announced earlier this month, that it has found Dmitrii Donskoi, a Russian ship that sank more than a century ago.
The company tells that the ship was loaded with gold. So, in order to attract investors and to motivate them to purchase the tokens of the company, the company promises to reimburse them later with… the gold from the ship!
The promise has already attracted more than 100,000 investors and more than 53 mln USD in investments. However, the Company`s CEO Choi Yong-seok has already admitted, that there are doubts and there are definitely no evidences, that the ship has something valuable.
For now, the company`s CEO has a travel ban and the South Korean police is going to investigate in the matter and to question the CEO and some other company`s managers. Yu has already launched a cryptoexchange and even called it Donskoi International Exchange. Moreover, he was spreading posts about the gold from ship in social media. He is already accused in fraud with real estate and is hiding in Vietnam from the justice.