Tech Giant Coupang Faces Staggering $1.18 Billion Payout for South Korean Data Breach
South Korean e-commerce company Coupang announced a 1.69 trillion won compensation plan for a massive data leak, offering 50,000 won vouchers to 33.7 million affected accounts. The move has drawn widespread criticism from lawmakers and consumer groups, who view the voucher-only compensation as inadequate and self-serving. Coupang faces upcoming parliamentary hearings amid mounting public dissatisfaction.
South Korean e-commerce giant Coupang has announced a significant compensation deal for the massive data leak that impacted 33.7 million accounts. The company plans to provide a total of 1.69 trillion won in compensation, with each affected customer receiving vouchers valued at 50,000 won. This announcement follows a public apology from Coupang founder Kim Bom, who pledged to expedite compensation measures for the breach that occurred last month.
However, the compensation plan has sparked considerable criticism. Kim Bom has declined to attend parliamentary hearings scheduled for Tuesday and Wednesday, citing prior commitments, which has further fueled public discontent. Lawmaker Choi Min-hee of the ruling Democratic Party, who chairs the National Assembly's Science, ICT, Broadcasting and Communication committee, strongly criticized Coupang's decision to offer compensation solely through vouchers usable on its own services. She stated that Coupang was attempting to turn a crisis into a business opportunity by