A South Korean firm claimed to have found the wreck of a Russian warship that sank in 1905, containing $130 billion in gold. The cruiser and its treasures were linked to a crypto exchange and a token that was reportedly promised to be distributed to anyone who signed up for the exchange. With the country's financial watchdog investigating the company's claims, the firm has changed its story.
As soon as news of the gold coins was revealed, South Korea's Financial Supervisory Service (FSS) launched an investigation "to determine whether the company's claims were part of any stock price manipulation or other illegal trading," the publication said. FSS Governor Yoon Suk-heun also said the agency is investigating related cryptocurrency issues.
However, Shinil Group has now retracted its claims. The press release reported that CEO Choe Yong-seok admitted at a press conference in Seoul that the company “has not verified the existence of any gold.” Quote: “Reports say that the Dmitry Donskoy had 200 tons of gold on board, but that would only be worth 10 trillion won ($9 billion) at the current value. We apologize to the public for the irresponsible quote and exaggeration.”
