The Mystery of the Sunken Treasure and The Cryptocurrency Exchange

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The Mystery of the Sunken Treasure and The Cryptocurrency Exchange

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An unusual story has emerged linking a salvaged treasure from a sunken Russian warship with a cryptocurrency exchange, according to Reuters.

The treasure reported being worth $130 billion was claimed to have gone down with Russian Cruiser Dmitrii Donskoi in 1905 off the coast of South Korea whilst engaging Japanese warships in the area.

The Korean company who is said to have discovered the shipwreck, Shinil Group, reportedly said that they would use the salvage to back a new cryptocurrency called Shini Gold Coin and would distribute the coins to any who sign with the exchange, named ‘Donskoi International’ after the sunken vessel.

“Shinil Marine said last week it had discovered the wreck of the Dmitrii Donskoi, a Russian armoured cruiser sunk in 1905 after fighting Japanese warships off South Korea’s Ulleung Island, and that a staggering 150 trillion won ($130 billion) of gold was on board”

The news very quickly attracted the attention of South Korea’s financial watchdog, the Financial Supervisory Service (FSS) who began to investigate “whether the company’s claims were part of any share price manipulation or other unlawful trade.”

A local news source also stated that FSS Governor Yoon Suk-heun said that the agency is investigating related “cryptocurrency issues.” This seemed to provoke a rapid change of heart by Shinil group who began backtracking rapidly on their alleged claims.

The source DToday reported again following a news conference in Seoul on Thursday that the FSS Governor said that the company had not reported the existence of gold, stating:

“The [unverified] reports said the Donskoi held 200 tonnes of gold but that would only be 10 trillion won [~$9 billion] at current value … We apologize to the public for the irresponsible citation.”

In a further twist to this tale of sunken gold coins and claims and counterclaims, Reuters reported on Thursday that Shinil Marine:

“…denied any connection with the cryptocurrency it said was run by a different company with the same name and said it had changed its name. A phone number on the cryptocurrency exchange’s website led to the company until last week.”

The exchange claims that that the coin and wallets have been developed and the token is due for listing on 10 exchanges between September and October this year. This includes the Shinil Group’s Donskoi international exchange.

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