Upcoming ICO: ‘Treasure’ backed ICO draws closer amid uncertainties

A treasure hunting company from South Korea will be launching an ICO worth $130 billion in gold, gleaned from a Russian wreckage near the Korean island of Ulleungdo.

Upcoming ICO: ‘Treasure’ backed ICO draws closer amid uncertainties

It sounds the stuff of myths and legends but a press release issued by Shinil Group on July 16th and video footage from the company demonstrating their find from the Dmitrii Donskoi wreckage of 1905, a fallout from the Russian- Japan War, it would appear the company is serious about its ICO.

The Shinil Gold Coin

It is believed there are 5,500 boxes of gold bars and 200 tons of gold coins on the 113 year-old ship. Seoul-based, Shinil, originally said that they would return half of the gold to Russia but have now said they are launching their own cryptocurrency, the Shinil Gold Coin, backed by the gold. As yet, no further deals or plans have been issued.

Private sale

A news item on CNN reports that the private sale has already started and the main ICO will begin on July 30th and that it will be listed on a number of exchanges in the next few months, with one Shinil Gold Coin equal to 10,000 Won.

Spurious?

This ICO has raised doubts amongst spectators, perhaps prompted by claims that the wreckage has been ‘found’ before. The Korea Institute of Ocean and Science Technology claims they discovered the wreckage in 2003; a construction company also claims to have unearthed the ship. The skepticism surrounding the ICO has been contested by the company.

At present, there is no evidence of a whitepaper, no marketing material and no website from the company. Also, it seems that Shinil Group did not apply for salvage rights for the wreckage to the South Korea’s Ministry of Maritime Affairs and Fisheries, according to the CNN report.  

Reuters reports that regulators and researchers in Seoul have questioned the ICO, pointing to a warning from South Korea’s Financial Supervisory Services which states: “Investors need to be catious as it’s possible they could suffer massive losses if they bank on rumours without concrete facts regarding the recovery of a treasure ship.”

 

 

 

 

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