Russian Gold Shipwreck Salvage Cryptocurrency Crowdfund Likely A Scam

Cryptocurrency is one of the hot topics today in the whole financial world. As an investment, it can be a profitable opportunity, but you can also lose money if you invest in the wrong events. This is the case of an Initial Coin Offering (a sort of crowdfunding crypto startup) that promised the rescue of a Russian shipwreck with a very important cargo: gold, according to Nikkei Asian.
The ICO sponsors, a Korean investment group called Shimil was the responsible for advertising the salvage operation, that was described as a great opportunity for investors to get a hold on some rumored gold treasure. The company affirmed that the Russian shipwreck could contain more than 133 billion dollars worth of gold. If the crowdfunding was to be successful, the big part of these dividends would be distributed amongst the holders of the Shinil Gold Token, the cryptocurrency of the group.
But there have been several changes since that announcement that highly suggest that investors won’t be able to see the promised revenue. The same company, now with a renewed director has announced that they have no possible way of knowing if there is real gold in the ship, and that all reports till then were made in a speculative way. In any case, this announcement has been stirring up things and investors are finding ways to recover their inversion.
This kind of high-risk investments known as Initial Coin Offerings has been denounced by the authorities as much more likely to fail and to unfold into scams and misleading startups, more so if it is an event like the retrieval of an ancient shipwreck. Every investment that promises a high revenue with little to no explanation, is likely to be a scam, and investors must always do their own research before embarking in these perilous businesses. It still remains to be seen if the Shimil Group would be able to extract some gold from the shipwreck if it is really there.

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