Police: Thousands invested in shipwreck discovery-linked scam

SEOUL, Aug. 26 (UPI) -- Seoul police discovered that some 2,000 people invested a total of $8 million in an alleged cryptocurrency scam linked with a Russian shipwreck discovery.

Seoul Metropolitan Police Agency said 2,600 people made the investment to fund the salvage of the 113-year-old Russian naval cruiser Dmitri Donskoi, according to KBS.

Last month, a Seoul-based company claimed to have found the Russian naval fleet from the Russo-Japanese war in the early 20th century off South Korea's eastern Ulleung Island. They released photos and video footage of the ship underwater and claimed the ship holds gold bars and coins worth billions of dollars.

It also issued cryptocurrencies whose value is linked with the "treasure ship" and attracted investors to purchase the virtual coins with the promise to return benefits from the ship, according to police.

Seoul police launched an investigation earlier this month to look into the suspicious link between shipwreck discovery and cryptocurrency trade.