Cryptocurrency News

Shinil Group Launch Own Crypto, Backed By $130 Billion Bullion Haul

The Shinil Group, the South Korean treasure hunters who discovered the wreckage of the Russian cruiser Dmitrii Donskoi – complete with $130 billion in gold bullion – has announced that it will launch an ICO followed by its own cryptocurrency, tentatively named “Shinil Gold Coin” later this year.

It was one of the stories that comes along every once in a while that grabs everyone’s attention, whether rich or poor, young or old, white or black. The news that a South Korean treasure hunting company named the Shinil Group had discovered a sunken Russian battle cruiser, laden with 200 tons of gold bullion, worth a jaw-dropping $130 billion, stunned the world. It was the stuff of childhood fantasy, of 1970s disaster movies, and harked back to a simpler time when people searched for treasure to get rich, as opposed to launching a cryptocurrency.

What Was The Dmitrii Donskoi?

Named after the 14th century Grand Duke of Moscow, the Dmitrii Donskoi was a Russian battle cruiser launched in 1883. The ship saw action in the Russo-Japanese War which ran from 1904-1905. On May 29 1905, during the Battle of Tsushima, the Dmitrii Donskoi sustained heavy damage and was scuttled, a kind of “scorched earth” policy used at sea and designed to prevent the ship or its load falling into the hands of the enemy.

Although never officially claimed by Russia, it now appears that on this occasion, the “load” in question was 5,500 boxes of gold bullion and 200 tons of gold coins, which would account for 10% of all gold mined on the earth at that time.

“Shinil Gold Coin”?

No sooner had that Dmitrii Donskoi story gone quiet than the Shinil Group were back in the headlines, announcing their intention of setting up their very own cryptocurrency – tentatively named “Shinil Gold Coin” (a name that doesn’t quite resonate like Ripple, Ethereum or Bitcoin).

This news is a change of tack from their original intention of returning the haul to its original owners, Russia, minus 10% that the Shinil Group intended to donate to fund tourism in the South Korean island of Ulleungdo, which is close to the Dmitrii Donskoi’s last resting place.

However, it would now seem that the Shinil Group intend to launch their own crypto, possibly as soon as August, with an ICO (Initial Coin Offering) to be held later this month, and using the Dmitrii Donskoi gold haul as collateral. If that were to happen,  Shinil Gold Coin would instantly become the most valuable crypto in the world, with a greater market cap value than that of Bitcoin.

How Kosher Are The Shinil Group?

While what was actually on board the Dmitrii Donskoi remains up for debate, the Shinil Group themselves are surrounded in mystery. While they describe themselves as a “Treasure Hunting Company”, they were only founded in June 2018. The Shinil Group – at the time of writing this article – has still not applied to South Korea’s Ministry of Maritime Affairs and Fisheries for salvage rights to the Dmitrii Donskoi.

Also, as previously stated, no evidence has ever been produced by the Russian authorities, the Shinil Group or anyone else that the Dmitrii Donskoi was actually carrying any precious metal when it sank, least of all 10% of the world’s mined gold.

Clearly, there are several more twists and turns to be taken before this story runs its course!

 

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