South Korean regulators have imposed a fine of approximately $410 million on Coupang following one of the country's most serious data breach cases.
Seoul's Personal Information Protection Commission announced a penalty of 624.68 billion won — equivalent to $410.1 million — against the US-listed Korean e-commerce company. The fine comprises two components: a 423.5 billion won penalty for data breach violations and a 201.1 billion won penalty for the unlawful collection of user data from activity across other websites.
The data leak affected 37.6 million individuals — more than 70 percent of South Korea's total population, according to the commission. The penalty is the largest ever levied against a single company in South Korea, surpassing previous fines imposed on firms including SK Telecom and KT.
The decision came after months of investigation into Coupang, a company often compared to Amazon in the South Korean market. While headquartered in Seattle and incorporated in Delaware, the company derives the majority of its revenue from South Korea.
FTX co-founder Sam Bankman-Fried has failed to overturn his fraud conviction and 25-year prison sentence.
A three-judge panel upheld his 2023 conviction on seven counts of fraud and money laundering, rejecting his argument that he had not received a fair trial.
Bankman-Fried was found guilty of misappropriating billions of dollars in customer funds held at FTX, directing them toward risky investments, personal purchases, and political donations. The collapse of FTX in 2022 was among the most prominent failures in the cryptocurrency sector. It marked a swift fall from prominence for Bankman-Fried, who had previously been one of the most recognized figures in the crypto industry