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South Korean company Shinil Group, which went to the ICO with “tokens, secured by treasures from the sunken ship,” was searched. Authorities suspect the company of fraud, writes The Korea Herald.

On July 15, representatives of the Shinil Group published photographs allegedly discovered by them at the bottom of the Sea of Japan, the cruiser Dmitry Donskoy. They said that on board of the cruiser, which sank in 1905, there are 200 tons of gold worth 130 trillion Korean won ($ 116 billion).

At the same time, a branch of the Shinil Group in Singapore launched the sale of Shinil Gold Coin (SGC) tokens, “secured by drowned treasures.” Investors were promised that by the end of 2018 the price of the token will rise from 200 to 10 thousand won.

At the next press conference, the Shinil Group adjusted the value of the treasure to 10 trillion won, although in the official request for seabed research, the estimated value of the treasures was 1.2 billion won.

At the same time, another unnamed company claimed its rights to the cruiser, claiming that they found him first. On her part, a complaint was filed demanding that criminal proceedings be initiated against Shinil Group, after which the last was closed.

Currently, the head of the Shinil Group is not allowed to leave the country, another key suspect is wanted. Recall, in February, the Ecuadorian startup Deepwater Systems proposed using artificial intelligence and distributed registry technology in search of sunken ships with treasures.

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