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

The sunken Russian Russian cruiser Donskoii is seen underwater

The sunken Russian Russian cruiser Donskoii is seen underwater

A team of worldwide experts discovered the remains of the cruiser Dmitrii Donskoi - sunk 113 years ago - near the island of Ulleungdo, the UK Telegraph reports.

The global team say they discovered the wreck of the Dmitrii Donskoi off the coast of South Korea, where it was scuttled during the Russo-Japanese war in 1905.

He said the company will unveil details about what it has found in the boxes at a press conference next week, and it plans to contract a Chinese salvage company to recover the wreck.

Unlike previous companies that raised similar speculation over the Russian naval cruiser, however, Shinil appears to be willing to comply with a South Korean demand to pay at least 10 percent of the ship's estimated value as a deposit before recovery operations can start.

The ship, known as Dimitrii Donskoi, was deliberately sunk by Russians 113 years ago to stop it falling into the hands of the Japanese during the Russo-Japanese war.

Doubt has emerged over a South Korean firm's claims to have found a £100billion treasure aboard a sunken ship amid government warnings that it could be a scam.

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.

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

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

The rumours have sparked a huge rise in the share price of a local company, Jeil Steel, which is partially-owned by Shinil Group. South Korean financial regulators also cautioned against investing in treasure hunting ventures.

Therefore, investors were warned by South Korea's Financial Supervisory Service that there are still plenty of questions that need to be answered surrounding these claims.

'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.

The website described a newly launched "Donskoi International" crypto currency exchange as linked to the find.

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 group says there could be as much as $132 billion in gold still aboard the vessel.

Some historical accounts indicate the Donksoi was conveying the gold supplies of the entire second Pacific Squadron when it sank.

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