The Korean company Shinil Group is going to issue a new token, which will be backed by gold found on a sunken Russian cruiser.
Dmitry Donskoy was defeated in the Russo-Japanese War and sank in 1905 near Ullindo Island, South Korea. Since then, it has already been found several times, but no one has yet reached the gold. The ship is believed to contain 5,500 boxes of gold bars and 200 tons of gold coins. The company plans to get the treasure from the bottom and release a new cryptocurrency. The company provided a photograph of the sunken ship as evidence of its discovery. In a video posted to YouTube on July 16, Shinil Group also showed how it discovered the wreckage.
At first, the company claimed that it would return half of the gold to Russia, and donate 10% to the development of tourism on the island of Ullindo. Now the company says it plans to release its own cryptocurrency, Shinil Gold Coin. The private sale has reportedly already begun, and the ICO will start on July 30. One Shinil Gold Coin will cost 10,000 won ($8.87). The token will be listed on various exchanges in August or September this year.
However, there are several problems associated with this ICO.
First, South Korea's Ministry of Marine Affairs and Fisheries told BBC Korea that Shinil Group has not applied for the right to a reward or to retain ownership of the salvaged property. After following this procedure, the company will have to pay the ministry 10% of the value of the found treasure, which is estimated at 130 billion US dollars. The company expects to retrieve the wreckage from the bottom in October, at which time a press conference will be held regarding the results of the operation.
Secondly, other than the press release published on July 17, Shinil Group has not disclosed any details of its upcoming ICO. The company does not have an official website or social media account. There is also no technical documentation outlining the functions and capabilities of the Shinil Gold Coin.
Given these facts, investors should think twice before investing their money in this startup.
According to ccn.com
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