Sunken Russian warship off Korean island may carry $130B worth of gold

A South Korean company's claim to have found a sunken Russian warship has triggered investor frenzy amid speculation the ship was carrying an enormous amount of gold when it sank 113 years ago. South Korea's financial regulator subsequently issued a warning against possible investment losses.

The Seoul-based Shinil Group said Tuesday its divers discovered a wreck it identified as the 6,200-ton Dmitrii Donskoi, which went down during the 1904-1905 Russo-Japanese war off an eastern Korean island. The company speculated about 200 tons of gold bars and coins that are worth $132 billion would still likely be aboard the ship.

Shinil released photos and videos taken by search submarines, which showed markings on the stern the company said was the ship's name in Russian. It said it hoped to hoist the ship from its depth of more than 0.25 miles within months.