Shinil Group, a South Korean treasure-hunting firm which discovered $130 billion in gold from the sunken Russian Battleship, Dmitrii Donskoi, is planning to launch an ICO.
The battleship was destroyed in 1905 following severe damages in the Russo-Japanese War. Since then, it has been ‘found’ on various occasions in the past 20 years. It is alleged that the ship carries $130 billion in the form of 5,500 boxes of gold bars and 2000 tons of gold coins.
Choi Yong-seok, CEO of Shinil Group (Getty Images)
The most recent company, Shinil Group to make the discovery has shown proof by providing the battleship’s picture and has stated that it will launch an ICO allowing the crypto token to be supported by Dmitrii Donskoi’s newly found treasure.
Dmitrii Donskoi (Old Salt Blog)
The Shinil Group on July 16th released a video on YouTube showing how it found the wreckage within two days. At first, the company stated that half of the gold would be returned to Russia, while 10 percent would be donated to promote tourism in the island of Ulleungdo. But now, the company has expressed its plans to launch a cryptocurrency named ‘Shinil Gold Coin’.
According to rumors, the private sale is already going on while it is expected that the ICO will be on 30th July. One Shinil Gold Coin will be about 10,000 won ($8.87). The token will be listed on different exchanges in August or September.
However, concerns have been raised by different media outlets. To begin with, South Korea’s Ministry of Maritime Affairs and Fisheries told BBC Korean that Shinil Group didn’t give any prior notice or apply for retrieve rights of Dmitrii Donskoi. Once it abides by this process, the company is required to pay 10 percent from the wreckage to the ministry. The only response to his concern is that retrieve will occur in October and a press conference will be carried out for now.
Again, aside from a press release issued on 17th July, Shinil Group is yet to give details concerning its upcoming launch. There is also not whitepaper detailing the use-cases of Shinil Gold Coin. As a result of these concerns, it is vital that crypto investors give it a wise thought before putting their funds in the ICO.