Coupang Founder Apologizes for Data Breach, Promises Compensation

• Data from 3,000 customers was saved on a former employee's computer but not transferred or sold to any third party
• South Korean lawmakers are considering legal action against the billionaire founder who failed to attend Seoul parliamentary hearings
• Coupang promises to announce a compensation plan for affected customers 'as soon as possible' following one of South Korea's worst data breaches

Coupang founder Kim Bom has issued his first public apology for a major data breach affecting the South Korean e-commerce giant, pledging compensation and reforms. The breach, revealed in November, impacted 3,000 of Coupang's 33 million customers, with personal data saved on a suspect's computer, though Kim stated it was not transferred or sold to third parties.

The New York-listed company's billionaire chairman faces intense criticism for failing to attend parliamentary hearings in Seoul regarding what lawmakers describe as one of South Korea's worst data breaches. Rep. Choi Min-hee of the ruling Democratic Party accused Kim of "insulting the public" by prioritizing other commitments over the security incident.

Kim announced that Coupang has restored all leaked personal information in cooperation with the government and promised to unveil a compensation plan for South Korean customers "as soon as possible," though specific details were not provided. The company committed to investments and reforms to prevent future breaches.

South Korean lawmakers are pursuing legal action against Kim, emphasizing that despite Coupang's U.S. listing, most of its revenue derives from South Korean operations. Tensions escalated when the government complained that Coupang unilaterally disclosed that the suspect was a former employee, potentially compromising the investigation's confidentiality.

The incident highlights growing cybersecurity concerns for major e-commerce platforms and could impact investor confidence in Coupang's data protection measures. The company's response and compensation plan will likely influence regulatory scrutiny and consumer trust in South Korea's rapidly growing online retail sector.