Seoul police said about 2,600 people have invested a total of $8 million in an alleged scam to salvage a 113-year-old Russian naval cruiser that scammers say is carrying untold treasure.
Last month, the Korean company Shinil Group said that it had found the Russian military cruiser Dmitry Donskoy, which sank during the Russo-Japanese War in the Sea of Japan near Ulleungdo Island in South Korea. The company released photos and videos of the ship, saying the ship contained billions of dollars worth of gold bars and coins. Representatives of the company also promised that a new unique cryptocurrency would be created with the money received and called for investing money in a project to salvage the cruiser.
According to the police, the company also carried out an initial coin offering, assuring investors that the tokens would be backed by the treasure found, and that they would receive a portion of the profits after the treasure was pulled from the bottom.
As it turned out, South Korean citizens are particularly trusting of this kind scams.
The police are currently investigating the connection between the ICO and the discovery of the sunken ship.
According to upi.com
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