The Seoul Metropolitan Police Agency has raided the offices of Shinil Group, sending 27 investigators from its white-collar crime unit to search its premises on Tuesday on suspicions of possible ICO scam, The Korea Herald reported. The trigger was the launch of an initial coin offering (ICO) that Shinil backed with gold it claimed to have obtained through the discovery of Russian battleship Dmitri Donskoi, which sank in 1905 and was rumored to contain about $116 billion worth of gold.
The investigators searched several Shinil locations and confiscated evidence on suspicion that the company had fabricated the Russian treasure story to attract investors, according to the Korean news agency Yonhap.
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