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Photo by Lee Jin-man/AP

The discovery of the Dmitrii Donskoi in July at a depth of more than 1,400 feet about one mile off the South Korean island of Ulleungdo intrigued historians and investors around the world.

Video released of the wreckage showed the extensive damage to the vessel caused in an encounter with Japanese warships in May 1905, along with cannons and deck guns encrusted with marine growth, the anchor and the ship’s wheel.

But the announcement also came with reports that the Dmitrii Donskoi, which was scuttled before it could be captured by the Japanese during the Battle of Tsushima, was carrying the Russian fleet’s funds and went down with 5,500 boxes containing gold bars as well as a separate haul of 200 tons of gold coins. The Shinil Group estimated the gold would have a total value today of 150 trillion won, or about $170 billion.

Questions were later raised over the scale of the treasure that the company claimed was on board, although investors still flocked to purchase its cryptocurrency, known as Shinil Gold Coin. One estimate suggests that as many as 100,000 investors sank nearly pounds 41 million into the company’s cryptocurrency.

Photo by Shinil Group

Officials admitted in a press conference in Seoul last week that there was no solid evidence that the ship was carrying anything of value when it sank. It lowered its total estimated value of the gold to pounds 6.8 billion.

A parallel strand of the investigation is looking into alleged attempts to profit from a sudden rise in the share price of Jeil Steel. The firm’s shares leapt 30 percent the day the discovery of the wreck was announced because a former head of Shinil Group had become the second-largest shareholder in the steel firm. The price collapsed the following day after Jeil Steel said it was not involved in the recovery project.