Korean Authorities Investigate Alleged Crypto Scam That Promised Investors Shipwreck Gold

South Korean authorities are investigating a possible crypto investment scam involving the Seoul-based Shinil Group as the key figure, Korea JoongAng Daily reported July 31. Shinil Group (Shinil) allegedly promised to pay investors in gold from a sunken Russian shipwreck.

Earlier this month, Shinil announced it had found the Dmitrii Donskoi, a Russian armored cruiser that sank 113 years ago, according to Reuters. The company claimed that the ship was loaded with 150 trillion won ($131 billion) worth of gold.

To encourage investors to purchase the company’s own cryptocurrency, Shinil allegedly promised to reimburse them with the gold from the ship. The coin reportedly attracted 60 billion won ($53.7 million) in investments from around 100,000 investors since its launch this year, even though the company’s CEO Choi Yong-seok has admitted there is no clear evidence that the ship contained anything of value.

Seoul’s Gangseo District Police subsequently issued a travel ban on Choi and are reportedly planning to question him and other parties related to the investigation. As per Korea JoongAng Daily, the investment scam also involved Yu Ji-beom, head of a Singapore-based affiliate of Shinil Group.

Yu supposedly established crypto exchange Donskoi International Exchange and spread posts about the shipwreck on social media. According to his acquaintances, Yu has previously been convicted of real estate fraud and is currently in Vietnam to avoid the investigation.

Authorities are also investigating whether the suspects from Shinil group attempted to profit from fluctuations in the share prices of South Korean manufacturer Jeil Industries. Shares spiked by 30 percent on July 17 when former head of Shinil Group Ryu Sang-mi became the second largest shareholder in the Jeil Steel. When prices fell the next day, Jeil claimed that it was not related to Shinil’s ship salvage project.

Yesterday, Cointelegraph reported that Le Minh Tam, the CEO of Vietnamese cryptocurrency mining firm Sky Mining, disappeared with investor and company funds reportedly worth $35 million. Although he has not been found in person, Tam apologized for “everything” to investors in a Facebook post on Wednesday, explaining that the company’s profitability had fallen due to market volatility.



Author: Cointelegraph By Ana Alexandre

Source link

Related posts

23 Thoughts to “Korean Authorities Investigate Alleged Crypto Scam That Promised Investors Shipwreck Gold”

  1. Andres Mcgrory

    Don’t wear seat belts lest you drown in you own urine? https://bzp65.com/

  2. Pa Pennick

    good stuff. I will make sure to bookmark your blog. https://bzp65.com/

  3. Cayla Sokolowski

    I have been checking out many of your stories and i can state pretty https://bzp65.com/

  4. Millard Archbell

    What’s up, after reading this awesome piece https://bzp65.com/

  5. Jerilyn Lewandoski

    I have been checking out many of your stories and i can state pretty https://bzp65.com/

  6. Adelina Stole

    I conceive this web site has got some real good information for everyone https://php665.com/

  7. Micah Lyster

    Awesome! Its in fact amazing paragraph, I have got much clear idea regarding from this piece of https://bzp65.com/

  8. Jose Vielle

    I have been checking out many of your stories and i can state pretty https://php665.com/

  9. Football Solutions Van Bommel banned for Milan tie - UEFA Champions League - News

    James Milner has also revealed his admiration for Jurgen Klopp’s Dortmund side, saying that playing against the German team for Manchester City was like facing a swarm of bees. Liverpool injury problems being blamed on Jurgen Klopp’s tactics and training methods is ‘b******s’, says James Milner 

  10. Football Solutions UEFA Youth League - Rik De Kuyffer

    CHRIS WHEELER AT ASHTON GATE: Lee Johnson sprinted down the line, fists clenched in jubilation, before throwing himself into the arms of his coaching staff. Bristol City had won. Bristol City 2-1 Manchester United: Paul Pogba and Zlatan Ibrahimovic humbled by Championship side as Korey Smith seals famous victory in injury time

  11. futbol.run Women's World Cup - Cosmina Duşa

    Chelsea are close to finalising an initial, £8million deal for Serbia wonder kid Lazar Markovic, 18. The midfielder has already been capped by his country and scored in a friendly against Chile last month. Chelsea to kick-start January spending with £8m deal for Serbian youngster Markovic

  12. futbol.run UEFA Nations League - Belgium - Romelu Lukaku - Statistics

    Fernando Torres insisted he did not need to be rested like Juan Mata after the pair combined again to fire Chelsea three points clear at the top of the Barclays Premier League. I don’t need a rest! Torres insists he is fresh and ready to kick on with Chelsea

  13. order psilocybe cubensis spores usa

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  14. 툰코시즌2

    … [Trackback]

    […] Here you can find 3699 more Info to that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  15. cheap dumps shop 2022

    … [Trackback]

    […] Find More on on that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  16. Femme Sexy Webcam Tchat Mimacy

    … [Trackback]

    […] Find More on to that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  17. nova88

    … [Trackback]

    […] Info on that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  18. sbo

    … [Trackback]

    […] Find More Information here on that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  19. สินเชื่อ ออนไลน์ อนุมัติทันที ถูกกฎหมาย

    … [Trackback]

    […] Read More Information here to that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  20. Dark Net

    … [Trackback]

    […] There you can find 14855 more Information to that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  21. sbo

    … [Trackback]

    […] Info on that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  22. เอสบีโอ

    … [Trackback]

    […] Information on that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

  23. Online Sex

    … [Trackback]

    […] Find More Info here to that Topic: tradingbtc.com/2018/07/31/korean-authorities-investigate-alleged-crypto-scam-that-promised-investors-shipwreck-gold/ […]

Leave a Comment