ICO was prohibited in South Korea Since last year, and it was really hard for everyone to spectate and assume the value of new technology. Many people disagreed with regulations and restrictions because it will hinder blockchain technology and industry which will end up as regression of nation
Therefore it was controversial so far and hasn’t reached to final agreement yet.
But there is some hot issue going on right now related to ICO
It is Russian warship Donskoii which sank down during Russo-Japanese War. This ship is known as treasure ship. According to Russia the ship was loaded with 200T of gold and they intentionally broke the ship when they were surrounded by Japanese warships during war because they didn’t want to give the valuables to japan.
The issue is that shinil group declared that they found this treasure ship expected to have $150billion loaded on the ship. There is nothing wrong with this claim but the group attracted investors with a name of ICO.
They made shinil gold coin and sold it to public. As a ordinary man no one would buy this coin after little bit of research. However many people are investing in this unknown thing. There is no proof that they really found that ship.
Furthermore there is no whitepaper or roadmap that all the ICO should have. Judging from this kind of information shinil gold coin might be only data not actual blockchain applied cryptocurrent
Also their marketing method might be illegal since it is not allowed to discuss about how much profit they will make and induce investment.
So at this point this issue has to perspective one is that whether the ship is actually going to be recovered and the other is whether the coin is scam or not.