A story which circulated last month where a South Korean firm declared they found wreckage of a Russian warship containing tons of gold appears to have been an altcoin fraud with the firm planning to create an altcoin backed by non-existent sea gold (archived). The firm allocated a rather specific value to the sea floor find without actually providing evidence of the alleged find's size, and an affiliate in Signapore began issuing an altcoin against that value.