South Korean divers find $176 billion in gold on Dimitrii Donskoi shipwreck

Wreck found of ship 'carrying billions in gold'

A sunken Russian warship believed to contain $130 billion in gold bullion and coins has been found off the coast of a South Korean island - 113 years after it was scuttled during the Russo-Japanese War, reports said.

A South Korea salvage team has reportedly uncovered an old Russian warship that is believed to hold 200 tons of gold worth more than $130 billion. "The body of the ship was severely damaged by shelling, with its stern nearly broken, and yet the ship's deck and sides are well preserved", says Shinil Group, which plans to raise the ship this fall.

The Shinil firm has pledged to spend 10 percent of the money found on the warship on investment projects on Ulleng Island, which is a popular tourist destination for South Koreans.

A South Korean team of experts have struck gold!

The institute did not respond to a request for comment, but its website showed photos dated from 2007 of what it said was the wreck, along with maps of its general location.

Investors have responded en masse to these claims from Shinil, which prompted the country's financial regulator to issue a warning, the AP also said.

Other companies have made similar claims, but none has taken actual steps toward raising the wreck. "And yet the ship's deck and sides are well preserved", the Seoul-based Shinil Group said in a statement obtained by USA Today.

South Korea's Financial Supervisory Service said Thursday that it's closely monitoring trade activity involving the shares of Jeil Steel.

'Investors should beware because it's uncertain whether the ship is salvageable and whether Shinil would be able to gain ownership of the assets even if it gets permission to raise it, ' said the official.

But the currency advertises itself like a pyramid scheme, promising users 25 coins for joining the scheme and an additional 5 coins for each new investor the sign up.

The currency website also links to a second website for Shinil Group, though all of the links are under construction. It's expected it would be divided up somehow between Russia, South Korea, and the company credited with its discovery. Company spokesman Park Seong-jin said his company will file a request for the ship's salvage right later this week.

And there are questions about the gold's worth being estimated at $180 billion - the Bank of Korea's 104 tons of gold reserves are valued at about $6.5 billion.

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