South Korea · Country watch
KOSPI Plunge, Coupang's Fine Suspended
KOSPI suspended amid tech sell-off; Coupang's $147M fine over data collection is temporarily suspended.
In this briefing Coupang · Seoul Administrative Court · KOSPI · Korea Exchange · GOPAX
Regulation
Coupang's $147M fine for data collection suspended
Part of: Coupang's legal battles over privacy fines →
A South Korean court temporarily suspended a 201.1 billion won ($147.74 million) fine on Coupang for unauthorized user data collection. The Seoul Administrative Court granted Coupang's request to stay the penalty imposed by the Personal Information Protection Commission, according to Korea.net. The fine was related to the collection of online activity records of about 11.17 million users. However, the court denied the suspension for a larger penalty related to a data breach.
Impact Coupang avoids immediate financial penalties, affecting its financial planning and compliance strategies.
Sources: Korea.net ↗, The Korea Herald ↗
Disruption
KOSPI trading suspended amid tech sell-off
Part of: KOSPI volatility driven by tech sector and AI concerns →
South Korea's bourse operator activated a circuit breaker for the KOSPI on Friday due to a tech share sell-off. Trading was halted for 20 minutes from 9:03 a.m. as the index plunged over 8% from the previous session's close, according to The Korea Herald. The sell-off was triggered by a tech rout on Wall Street. The Korea Composite Stock Price Index faced heavy selling pressure, reflecting investor concerns over AI data center regulations.
Impact Investors in South Korean tech stocks face significant losses as KOSPI drops over 8%.
Sources: The Korea Herald ↗, Korea.net ↗
GOPAX halts withdrawals amid hacking threats
South Korean cryptocurrency exchange GOPAX suspended withdrawals on Friday due to hacking threats. The exchange halted withdrawals at 2:55 p.m. and began transferring assets from hot wallets to cold wallets, which are offline, according to The Korea Herald. The precautionary measure was taken despite no actual breach occurring. This move aims to protect user assets amid growing cybersecurity concerns.
Impact GOPAX users face withdrawal delays, impacting liquidity and trust in the platform.
Sources: The Korea Herald ↗, Korea.net ↗
Nothing significant reported today in Internal tension · Safety & health · Companies · Markets · Trade · Politics.
Also today in the local press
- Busan shark remains unsighted for 11 days after monthlong stay in canal — Korea.net
- Social media buzzes about stocking up survival kits, but how much preparation is necessary? — The Korea Herald
- Finance minister vows timely actions to ease stock market volatility — Korea.net
- What is a recession and are we in one? A bluffer’s guide — Herald News
- Gold draws renewed interest as Korean stocks tumble after US midterms — Korea.net
- Seoul stocks open sharply lower on AI fears after US midterms — The Korea Herald
- It’s a New Zealand election with a twist. What’s at stake? — Herald News
- Lotte Chemical remains in red in Q3 — Korea.net
Sources in this briefing
Sources: each headline links to the original article on the publisher's site.