Treasure ICO? Company Claiming Discovery of $133bn of Gold in Shipwreck is Launching a Cryptocurrency

Avi Rosten
  • 22 Jul 2018
  • /
  • In #ICO

In what seems to be a fascinating world-first for the crypto space – a new treasure-backed ICO might be on the cards.

Shinil Group, a Korean company claiming it has discovered $133bn (150 trillion Won) worth of gold in the wreckage of a 113 year-old Russian cruiser, has said it is launching an ICO.

Hitting news all over the world last week, the Seoul-based treasure-hunting company released submarine footage of what it believes to be the Dmitrii Donskoi – a Russian ship that disappeared in 1905 off the Korean island of Ulleung during the Russo-Japanese war of 1904-5.

Estimating that the ship may have contained 200 tons of gold, Shinil Group originally said that half the gold would be returned to Russia and have now said that they are launching their own cryptocurrency to be called “Shinil Gold Coin.”

Although no details or plans for the coin have been released, the treasure aboard the ship will act as collateral and reportedly one Shinil Gold Coin will be worth 10,000 Won ($8.90) – with the ICO sale set to commence on July 30th.

Scepticism about Claims

Shinil Group’s claims however, have been strongly contested.

Significantly, the government-run Korea Institute of Ocean and Science Technology (KIOST) have challenged the company’s claims to have found the Dmitrii Donskoi – telling South Korean Media that the institute itself found the wreckage in 2003, while Russian academics have thought it unlikely that Russia would have stored so much gold in one vessel. 

With a South-Korean construction company also claiming to have previously found the ship and similar decades-old claims used by companies to artificially inflate their stock prices – it is understandable why sceptics abound.

With as yet no whitepaper nor an explanation of how the new coin will be used – shrewd ICO investors for now will likely wait for further confirmation of the claims as this intriguing story develops.

OpenLibra Project Lead Accused of Scamming in ICO Controversy

Michael LaVere
  • OpenLibra co-founder Lucas Geiger is in the midst of controversy stemming from the 2018 Wirelineio ICO.
  • Web3Journal founder Andrew Lee says he invested $1 million into Geiger's Wireline ICO and has not had any update since.

Just a day after the announcement of OpenLibra, a decentralized fork of Facebook’s digital currency libra, the project lead is being accused of past ICO controversy.

OpenLibra co-founder Lucas Geiger first announced the project on Oct. 9, at the Ethereum Foundation’s DevCon 5 conference held in Osaka, Japan. However, Twitter user Andrew Lee was quick to call out Geiger for his previous role in the WireLine.io ICO in 2018, in which Geiger is also a co-founder. 

According to Lee, who is the founder of Web3Journal, he and several friends invested $1 million into Lucas’ Wireline ICO. Despite making the investment, Lee claims he has not heard from Geiger in “months” and that the project's advisor Sizhao Yang made numerous false promises. 

Lee went on to post a series of text messages attempting to contact Geiger without reply. The messages say that the Wireline token release was promised for Q2 2018 and that the project would receive an investment from the Ethereum Community Fund (ECF). Due to the lack of communication, Lee is encouraging users not to invest in Geiger’s OpenLibra project. 

Lee also called out Geiger’s emphasis on open-source for the OpenLibra project, insinuating that he should be more forthcoming about his role in the Wireline.io ICO.

Featured Image Credit: Photo via Pixabay.com