Business & Finance

CEO Banned to Leave South Korea as Authorities Unearth the Shinil-Donskoi Shipwreck Scam

The CEO of Shinil group, Choi Yong-seok has been banned to leave the premises of South Korea as the group had allegations to its name, stating it had lured crypto-investors in, reimbursing them with pure gold. Though the ban, as of now, seems out of the blue, the gold in fact was allegedly dug up by the Shinil group out of the shipwreck of Dimitri Donksoi which fell victim to the Russo-Japanese war almost 113 years ago.

Shinil’s Choe Yong-seok. Source: REUTERS

Korean authorities seek to dig solid proof against the group as the claims to have dug up the shipwreck before any other authority by the Shinil group have no grounds at all. BBC reports a massive number of companies to have claimed to name the digging of the shipwreck to their names with a humongous treasure afloat. Authorities claim that the group has not even registered to attain the salvage rights though the members of the group have posted a video over Youtube indicating the wreckage was their to discovery to begin with.

The Donksoi is said to contain almost 5,500 boxes of gold weighing in about 200 tonnes, an equivalent of $130 billion worth of pesos.

The Russo-Japanese war left many devastated and shocked as the Japanese score the under-dog win over the Goliath in the form of Russia, the leftovers of which is left for the companies, now, to scatter. The pivot of discourse is not limited to just shedding light to mere the crypto market but the factors that affect the market for which there might be grand plot in the makings. The major result of the plot was devised so as to garner a mass base of investors to initiate a coin of their own, the Shinil Gold Coin, afterwards. It is also reported that a mind boggling 30% increase in the shares after the company claimed the treasure for themselves to relish. At the time of the discovery, the Shinil group was eager enough to boast the laden wealth they had dug out but have kept on the low after analysts started picking the facts about the alleged scam. The Youtube video, Shinil group members had put over, is now where to be found as per late and have re-traced their path to putting vague notions, the likes of which is the CEO’s statement itself;

The reports said the Donskoi held 200 tonnes of gold but that would only be 10 trillion won at current value. We apologize to the public for the irresponsible citation.

The CEO has disregarded the discovery of the wrecked Donksoi as the Korean Authorities got involved and police started sniffing assets of group executives for foul capital. Though the CEO himself has negated any speculations the company has unearthed such a treasure, if this is not the case, the mere rumor has been successful in garnering a dazzling 100,000 investors in to pour an immense flow right into the company, the monetary assets out of which compute to reach out a massive mark of $53.7 million. Authorities have mined out another venture of the Shinil group executives, the Jeil Steel, which according to Reuters, the company explains to bear no share in, further describing the executives have purchased the venture with their own money. Though the Jeil Steel was speculated to benefit indirectly out of the alleged scam of the Shinil group but the next day, bearish trend had scored a 1 up for the authorities to put it as not relevant to the large investment poured into the Shinil group.

The circumstances raise possible suspicions of stock price manipulation or unfair trade using undisclosed information.

The above mentioned, according to Reuters, has been summated by an unidentified. The Battle of Tsushima has been known to put the fleet onto the verge of crisis but the scandal can sure put the crypto-market over the SEC radar which is not keen enough to support it deeming it not mature enough. Another Vietnamese cryptocurrency mining firm CEO, rushes off with an immense amount of investment out of the investors pockets, a $35 million worth of capital as reported by VNExpress though the deputy chairman of the company stated the unpleasant crisis as his hardship exceeds infinitesimally.

We are victims too.

People do turn skeptical over a slight hint of such cases but there is another side to things here, too. The Donksoi was indeed laid to a final resting place near the island of Ulleungdo, but did it ever contained the speculated amount of gold is such a grand scale is beyond being a proved truth. No clue or hint can direct us into taking the shipwreck-turned-treasure course to be a reality but the matter of the fact whether an investor is prone to a fraud case if he gets associated with the Shinil group’ crypto-market. Reuters brings light to a website sharing the title with the Shinil group that offers to give out the virtual currency for whoever signs up for the “Donksoi International Exchange”. Such controversy is sure to get some authorities to initiate a fraud-search leading to yet another blow to the crypto-market.

The Shinil group has disregarded any sort of ties with the exchange stating they operate separately but with the same name. Shinil group is on a mission to go out of this scam situation clean but the odds have started been racking up against them as suspicious as they already have turned out to be, the exchange website displayed a phone number that matched the Shinil group one, lighting the critics alive once more with a horde of them again on disintegrating the fraud plot, if there one. The controversy further arises as Mr. Yu, the one to turn up with the Donksoi International cryptocurrency, has been a convict of many charges regarding real estate against him and has several forged identities of his own.

The cryptocurrency market is yet to blossom to utter maturity but as far the crypto-scams go, we are light years away from this turning a reality.

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