[The warship] is believed to still contain 200 tons of gold bullion and coins worth 150 trillion won ($130 billion).
As per a report by The Daily Telegraph, joint efforts were made from three different nations-Canada, South Korea, and Britain to uncover the Russian warship on Sunday. Owner Phil Nuytten said his team found the ship 500 metres below the surface on Tuesday, just two days after they began to search a site off the island of Ulleungdo identified by South Korean, British and Canadian researchers. There's a good chance that this year's treasure-hunt story will come out of South Korea, where a company claimed this week that it has discovered a sunken Russian warship. If there's treasure found, half of it will go to the Russian government, and 10 per cent of what's left will be invested in tourism on Ulleungdo Island.
They hope to raise the ship, known as Dmitrii Donskoi, in October or November. Even stranger still, it appears that there is more than one Shinil Group, with the second linking the find to a cryptocurrency exchange.
'A navy veteran and an expert in raising ships who had been a consultant while we were independently preparing to raise the Donskoi took the actual location data and the geological and marine information we had given him and joined the Shinil Group's ship raising team. This Japanese victory changed the course of World War One which brought about the end of the Ottoman and Austro-Hungarian Empires.
"The body of the ship was severely damaged by shelling, with its stern nearly broken".
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Historical accounts reveal it would have also included port expenses, salaries of sailors and officers and gold reserves of various other ships damaged in the battle.
"We spotted things that look like treasure boxes, but we have not opened them yet", a company spokesman told The Korea Times.
South Korea's Financial Supervisory Services on Wednesday warned against "overheated" investment.
He expressed scepticism that there was a large batch of gold on board, saying there would have been no point in risking transporting valuable cargo by sea with war with Japan looming on the horizon.
Shinil Group believes there could be as much as 200 tons of gold on board the ship, which would be worth around $133.4billion.
A South Korean Financial Ministry official responsible for the issue said that Russian Federation may be able to claim ownership.