Shinil Group sunken treasure ICO scam: 2600 investors lost $8 million

04 Sep, 2018
by Arthur Sillers
News
Shinil Group sunken treasure ICO scam: 2600 investors lost $8 million

For anyone following the ongoing story, the Shinil Gold Coin ICO was questionable from the start. Today, the Korean authorities released some findings from their investigation, noting that at least 2,600 investors have lost a total of at least $8 million.

The Shinil Gold Coin ICO claimed it was tokenizing the gold found in a discovered sunken Russian ship, the Dmitri Donskoi, which amounted to a large fraudulent investment plot.

According to the Korea Herald, Seoul Metropolitan Police Agency’s Sophisticated Crime Investigation Unit has found at least 2,600 accounts investing in the ICO. The police say that this doesn’t include, for example, those who pay in cash directly, so their estimate of $8 million in losses might go up in the near future.

Japanese police have issued a warrant with Interpol, and are cooperating with Vietnamese authorities to track down fugitive Ryu Seong-jin, CEO of the Shinil Group

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