Discovery of a shipwreck containing 111 billion € in gold? The excavation operation will have its cryptocurrency

South Korean treasure hunters claim to have found the wreck of a Russian ship that sank off the Korean coast 113 years ago while carrying a huge cargo of treasure.

The Dmitry Donskoy of 6 200 tonnes would have carried 200 tonnes of ingots and gold coins when it was sunk by scouring during the Russo-Japanese War of 1904-1905.

It was found at a depth of 475 meters, just under a mile off Ulleung Island on July 15, according to the Seoul-based Shinil group and the origin of the discovery .

The excavation operation will have its cryptocurrency

The discovery, however, is in question, as the Department of Oceans and Fisheries has stated that Shinil has neither notified nor requested approval for underwater excavation and other related processes.

The hope that gold valued at more than 111 billion euros is still aboard the ship " triggered the frenzy of investors, " according to ABC News which prompted the South Korean financial regulator to warn against "potential investment losses".

South Korean legislation to preserve national territory and property requires the company to deposit 10% of the estimated value of the wreckage before any rescue operation can begin.

Korea Herald reports that the rescue company plans to launch a cryptocurrency to raise funds to lift the wreckage to the surface. This one, named the Shinil Gold Coin , has the so-called "treasure ship" as collateral. For this, it is currently conducting private sales, with the intention of doing a fundraising (ICO) on July 30. It plans to quote this cryptocurrency on the stock markets in September or August, with an estimated price range of 10,000 won (€ 7.56) for a token. (note: other sources indicate 10,000 USD and not "won")

Investors were warned and cautioned to be cautious about potential Shinil Gold Coin fraud, as the company did not publish a white paper or the technology behind the digital tokens.

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