Warship carrying $130B in gold is found 113 years after sinking

Clay Curtis
July 20, 2018

The company said the ship held 150 trillion won ($130 billion) in gold and it would provide evidence next week to support its claims.

Shinil previously claimed that it will provide further evidence of its find at a press conference next week, and will attempt to raise the wreck in October and November.

Some experts also said it is unlikely that the Donskoi - a thickly armoured warship with more than 12 artillery pieces, 500 sailors and presumably 1,600 tons of coal - would have had room for 200 tons of gold, which would be double the current gold reserves at South Korea's central bank.

The gold on board could be the treasury of the entire fleet, United Kingdom newspaper Express reports, carrying enough for port expenses and the salaries of every sailor and officer.

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.

The Donskoi was badly damaged during the Battle of Tsushima in May 1905 and reportedly scuttled by its captain shortly before his capture so that the Japanese couldn't seize the gold.

The wreck of a Russian warship reputed to be holding $176 billion in gold bullion has been found off a South Korean island.

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It is unclear whether Shinil would receive South Korean Government approval of its salvage plans.

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.

"We believe there are gold boxes, and it's historically proven", company spokesman Park Sung-jin told Reuters.

The company said it would "share profits" from the Russian wreck with the public by handing out its virtual currency to anyone who signed up to use the exchange. It promised additional coins to those who helped sign up others.

Russian first-class armored cruiser Donskoii. The now bankrupt Donga Construction company previously attempted to explore and salvage the ship in the early 2000s.

South Korea's Financial Supervisory Services on Wednesday warned against "overheated" investment, citing past cases of treasure-hunting companies that saw their stock skyrocket after a discovery only to end up filing for bankruptcy.

The boxes have fueled speculation that they house a large amount of gold rumoured to be aboard the ship at the time of its sinking.

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