ICO frauds are on high these days. South Korean authorities will seek the help of Interpol to catch the culprits.
Shinil Group which is located in South Korea has claimed that they have found a shipwreck which consists of about 200 tons of gold. The ship is from Russin Navy battleship had met with an accident in 1905. An ICO launched on these claims which lured investors further.
But company backtracked on its big claims when people started doubting. Shinil Group failed to provide any proof of the gold and thus came into the radar of investigators. FES started investigating the company, admitted that not to have a possession of the claimed gold. But before the admission, the company has an ICO from a Singaporean company. There is a full page advertisement which was run on a South Korean newspaper.
The advertisement claims that the company will show a video as a proof of the gold presented in the shipwreck in 2019. It is also going to distribute 10 percent of the treasure to its investors. But soon after the investigation, all the claims fell flat.
In the process of ICO, the token sale was carried out and many investors invested in the company. According to the report published in Bitcoin News, 124,000 people invested in the company. A total of about $53.5 million was invested. Presently South Korean authorities will ask for help from Interpol to catch the culprits.
ICO Fraud On Rising
ICO fraud is resulting in bad publicity for the ICO market. In 2017, 81 percent of the ICO were fraudulent and many investors had to lose a lot of money. There is a call from all the quarters to create regulation on ICO’s to minimize on frauds. It would be interesting to see what Interpol are able to discover in this matter.
The post Treasure Ship ICO Allegedly Commits Fraud, Interpol To Investigate appeared first on OWLT Market.
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