Coupang's Billion-Dollar Response to Data Breach

Coupang is compensating users for a data breach with a package worth 1.69 trillion won ($1.18 billion). A public apology was issued by founder Kim Bom, but he will not attend upcoming parliamentary hearings, citing previous commitments.

South Korean e-commerce giant Coupang has announced a hefty compensation package to appease customers following a major data breach. The company will distribute a total of 1.69 trillion won ($1.18 billion) to account holders who were affected by the breach, handing out vouchers worth 50,000 won each for its diverse range of services.

This announcement came just a day after Coupang's founder, Kim Bom, publicly apologized for the incident. Despite pledging swift compensation measures, Kim Bom has chosen not to attend the parliamentary hearings on the matter scheduled for this week, citing prior engagements.

The data leak has spurred significant backlash from both users and lawmakers, putting Coupang in the spotlight as it manages the fallout. The company's decision on this issue is anticipated to have lasting impacts on its reputation and customer relations.

(With inputs from agencies.)