'Sunken Treasures Backed' ICO to be Suspected of Fraud

Branch of the Shinil Group in Singapore launched the sale of Shinil Gold Coin (SGC) tokens, "secured by drowned treasures" from Dimitry Donskoy ship
08 August 2018   539

In the office of the South Korean company Shinil Group, which went to the ICO with "tokens, secured by treasures from the sunken ship," were searched. Authorities suspect the company of fraud, The Korea Herald writes.

On July 15, representatives of the Shinil Group published photographs of the cruiser Dmitry Donskoy allegedly discovered by them at the bottom of the Sea of Japan.

'Treasure Ship'
'Treasure Ship'
'Treasure Ship'
'Treasure Ship'

They said that the cruiser, which sank in 1905, carried 200 tons of gold worth 130 trillion Korean won ($ 116 billion).

At the same time, a branch of the Shinil Group in Singapore launched the sale of Shinil Gold Coin (SGC) tokens, "secured by drowned treasures." Investors were promised that by the end of 2018 the price of the token will rise from 200 to 10 thousand won.

At the next press conference, the Shinil Group adjusted the value of the treasure to 10 trillion won, although in the official request for seabed research, the estimated value of the treasures was 1.2 billion won.

At the same time, another unnamed company claimed its rights to the cruiser, claiming that it found ship first. On its part, a complaint was filed demanding that criminal proceedings be initiated against Shinil Group, after which the latter was closed.

Currently, the head of the Shinil Group is not allowed to leave the country, another key suspect is wanted.

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Bermuda to Issue First ICO License

The first 'official' ICO that will be held at Bermuda is Uulala
19 October 2018   60

Bermuda’s Minister of National Security, Wayne Caines, said that the Uulala fintech company received the first ICO license in the region. It is reported by the Royal Gazette.

In July, the Secretary of the Treasury of the Overseas Territory of Great Britain, David Bert, introduced new regulations for fintech products and services. The bill classifies initial coin offers (ICO) as “limited business activities”.

The draft law also states that before holding a tokensals, companies must provide information about the proposed digital assets, the financing system, the amount to be raised and various technical aspects. In addition, you must obtain consent from the Minister of Finance of the region.

The CEO of Uulala, Oscar Garcia, reported that the process of obtaining a license took four months. Fintech offers a decentralized peer-to-peer network “to attract cash into the digital economy.” During the ICO, Uulala plans to raise $ 50 million.

We are looking at operating from Bermuda. The Bacardi story resonated with us — a group of Cuban Latinos who went to Bermuda and established their headquarters there. We are looking at doing something similar. Bermuda is known as a financial hub and it is very forward-thinking on blockchain and fintech.

Oscar Garcia

CEO, Uulala

The government of Bermuda began to develop bills for the legalization of the ICO in March. Then David Bert said that Bermuda could be an example for other countries in the field of ICO regulation.