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Korean Authorities are Investing a Cryptocurrency Scam


South Korean authorities are investing an investment scam that involves the Seoul-based group known as the Shinil Group. They are known as being a key figure in the industry and they have apparently promised to pay a group of investors in gold. They say that this gold has come from a shipwreck from Russia. Earlier in the month they stated that they have come across the Dmitrii Donskoi and this is a Russian cruiser. This sank well over 113 years ago and this is according to Reuters. The company claimed that the ship was loaded with 150 trillion won full of gold. Of course, if you converted this then you would be interested to know that this actually translates to over $131 billion. They want to try and encourage investors to buy their own cryptocurrency however so what Shinil did was that they promised to reimburse them with gold from the ship. 100,000 investors parted with their money and they also managed to sell $60 billion won since they started it this year. The CEO of the company however has admitted that there is no evidence showing that the ship itself contained anything of remote value. The police have issued a travel ban on Choi and they have also stated that they are going to question him as well. They are also investigating any other parties that are anything to do with the investigation. They are planning on interviewing Yu Ji-Beom as well. This is an affiliate of the group and they are based in Singapore.

Apparently Yu established the exchange known as Donskoi. They then spread posts all about the shipwreck on social media. When you look at what his acquaintances have had to say, you will see that Yu has been convicted before regarding his real estate fraud and he is in Vietnam at the moment. He is staying there so that he can avoid investigation. Authorities are also woking hard to try and find out whether the suspects attempted to profit from any fluctuations in price. This would come from the shares that are from the South Korean group Jeil Industries. The shares that they had spiked by well over 30% and this happened when Ryu Sang-Mi became the second-largest holder. When the prices fell, the very next day, Jeil came out to say that this was not related at all to the project and that he had nothing to do with the ship and the salvage that was supposedly obtained.

Yesterday, it was reported by Coin Telegraph that Le Minh Tam- who is the CEO of Sky Mining disappeared. They left with the company funds and it is said that they are worth over $35 million. The company is a cryptocurrency mining service and he has not been found in person. That being said, Tam has apologised to everyone in a Facebook post.



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