The Korea Blockchain Association Wednesday advised investors against the TSL Coin issued by the Universal Group. None of its exchange members has listed the coin.
The Universal Group is the predecessor of the Shinil Group, which had falsely find gold bars in a Russian ship sunken in the early 1900s off the East Coast near the Dokdo Island.
The association was to host a seminar on creating jobs through blockchain. It falsely claimed that member exchanges of the association would participate in the seminar.
The association would file a civil and criminal lawsuit against the Universal Group for the false advertisement.
Like the Universal Group, other companies might abuse the association and its member exchanges to solicit investment.
The association advised investors of contacting the association and its member exchange for verifying the advertisement.
The association said it would continue to alert investors against wrong investment information and fraud-ridden initial coin offerings.
