A warning was issued against the SL Blockchain group for issuing coins of which value is allegedly tied to a gold bar.
The Shinil Group is alleged to have changed its name in September to the SL Blockchain Group after almost all of Shinil executives have been indicted for defrauding investors of money. Shinil falsely trumpeted in July that it had found the Russian cruiser Dmitrii Donskoi, which sank in 1905 off East Coast and was rumored to hold gold worth of billions of dollars. The police found the announcement was to seduce investors into buying a cryptocurrency Shinil issued. It mobilized about 9 billion won through the false claim.
It again issued 9.9 billion coins called TSL. It claimed that one TSL is worth 0.2 gram of gold. It said it would use the blockchain technology to enter the gold exchange. It even advertised that its gold-linked coins would be listed on the BitJet cryptocurrency exchange on Nov.30.
However, BitJet is a mini exchange of which trading record is almost zero. The exchange does not reflect the real market price changes in cryptocurrency. SL claimed that it had signed an agreement with Indonesia’s P.T. Koin Industri for mining gold. However, the Indonesian company cannot be browsed in Internet search engines.
SL also publicized that it would open the SL Gold Exchange both in South Korea and Indonesia.
