Korean company Shinil Group, which has recently found a 113 years sunken Russian warship Dmitrii Donskoi, plans to conduct ICO. The ICO will be held if treasure hunters find the gold amidst the vessel remains.
The ship raising operation is scheduled for this autumn. The company plans to sell its own cryptocurrency, dubbed Shinil Gold Coin, supported by the claimed 150 trillion won (US$133 billion) worth of gold coins and bars discovered inside the ship. The ICO will start on July 30, 2018.
Industry experts has already warned crypto investors to be circumspect on the potential Shinil Gold Coin scam, as the firm has neither published a White Paper nor the basal technology of the coins.
The Dmitry Donskoy cruiser sank off the coast of South Korea during the Russo-Japanese War in 1905. The warship’s crew landed on one of the islands and flooded the ship because of the chase. The vessel’s discovering reports have repeatedly appeared in the media for the past 20 years.
On July 16, Shinil Group announced that its divers discover the warship off the shore of Ulleungdo at the depth of 434 metre. The company has published pictures and video of the vessel parts with Cyrillic letters. Shinil Group’s shares were up to 30% on the same day.