'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   296

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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Pantera Capital to Intend to Raise $175M for Crypto Fund

Whether the firm can achieve its funding goal is still unclear
16 August 2018   167

Pantera Capital intends to raise up to $ 175 million for its third venture fund, focused on the blockchain and cryptocurrencies, which marks significant progress against the background of the company's other two funds: the assets of the first of them are $ 13 million, the second - $ 25 million. This is reported by TechCrunch.

As reported, company's partner Paul Veradittakit says the target amount is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

Whether the firm can achieve its funding goal is still unclear. According to documents recently sent to the US Securities and Exchange Commission (SEC), it has already managed to raise more than $ 71 million with the participation of 90 investors. Veradittakit calls this event "the closing of the first transaction".

One of the company's new funds, which opened last year, has a hedge fund structure and focuses exclusively on the ICO. The founder of the company Dan Morehead said earlier that Pantera takes part in the first stages of such campaigns, "basically getting a discount to the ICO price by getting in early, when it’s just a team and a white paper."

The second fund of the company is engaged in investing in bitcoin and has managed to serve a large number of investors during its existence. According to Morhed's calculations, the fund, launched 5 years ago, demonstrated a return of 10 136%.

The last fund Pantera invests in cryptocurrencies, which are already traded on the exchanges. It uses machine learning for algorithmic investment and takes into account the views of the company's management when making investment decisions.