13 Aug Russian treasure ship cryptocurrency fraud: Dmitri Donskoi
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THE sunken wreck is real: the century-old Imperial Russian Navy cruiser Dmitri Donskoi is sitting on the bottom off the coast of South Korea. But its gold-bullion cargo is not.
Now, the South Korean company behind the breathless announcement that it had found a $190 billion treasure-trove is under investigation for fraud.
The Shinil Group produced photographic evidence it had found the wreck of the cruiser, which was scuttled by its crew after the battle of Tsushima — a clash with saw the Russian navy soundly defeated by the Japanese.
Where things get murky is the legend it went down with some 200 tons of gold, in the form of coins and 5000 boxes of gold bars. Shinil claimed a ‘treasure box’ was seen inside the wreck by its remote-piloted vehicle. No gold, however, was recovered.
That presents the first problem: Shinil claimed this would be worth $190 billion. But the stated amount of gold is worth about $10 billion.
Nevertheless, the company issued a salvage claim on the wreck….
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