In July of last year, we posted about a Korean maritime salvage company which claimed to have found the wreck of the Russian armored cruiser, Dmitrii Donskoi, which sank during the 1905 Battle of Tsushima. They also claimed that the wreck might contain gold worth around $133.4 billion. The claims of gold seemed doubtful to many, including us, but generated enough excitement for the group backing the salvors to raise $7.6 million from investors.  

Within about a month, it began to appear the Shinil Group, the group behind the project, was involved in some sort of cryptocurrency scheme.  From there the scam fell completely apart. Last week, three executives from the company were convicted of fraud by the Seoul Southern District Court, receiving sentences of five years, four and two years respectively.