Coupang
Coupang swings to Q1 net loss amid data breach fallout
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U.S.-listed e-commerce giant Coupang swung to a net loss in the first quarter amid fallout from a massive customer data breach in South Korea. The company posted a $266 million deficit for January-March, compared with a $114 million profit a year earlier. Founder and Chairman Bom Kim said one-time vouchers and temporary inefficiencies from weaker demand were key factors.
South Korea's Fair Trade Commission has designated Coupang chairman Kim Bom-suk, known as Bom Kim, as the company's controlling shareholder. The shift from a corporate to an individual designation cites evidence of influence by Kim's brother, Kim Yoo-seok. The move has sparked concerns over potential friction with the United States.
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South Korea's ambassador to the United States, Kang Kyung-wha, met Foreign Minister Cho Hyun on April 27 to address tensions with Washington over North Korea intelligence-sharing and a probe into Coupang Inc. The US has restricted intel on North Korean nuclear sites following disclosures by Unification Minister Chung Dong-young. The allies discussed ways to manage the issues without harming their alliance.
New details emerge in the Coupang data breach saga: a former Chinese developer is the prime suspect, raising alarms over foreign worker vetting. A U.S. class-action suit gains over 2,300 applicants, while President Lee Jae Myung pushes for harsher data leak penalties.
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Police conducted a second day of raids at e-commerce giant Coupang's headquarters over a massive data breach affecting 33.7 million customers. The suspect is a former Chinese developer who worked on the company's authentication system. Prime Minister Kim Min-seok described the incident as 'beyond serious' and vowed strict action.