Data Room
Coupang Evidence Archive
Forensic evidence supporting our investigation into Coupang, Inc. All materials are organized for independent verification.
Timeline
Incident Chronology
- Jun 24 — Unauthorized access begins (147 days undetected).
- Nov 6 — Specific breach event recorded.
- Nov 10 — CFO sells $2.2M in stock (pre-disclosure).
- Nov 14 — VP Engineering resigns.
- Nov 17 — VP sells $772K in stock (pre-disclosure).
- Nov 18 — Coupang claims “detection” and reports 4,500 users to regulators.
- Nov 29 — Public disclosure: 33.7M accounts. Stock drops 16%.
- Dec 29 — ₩1.685T compensation announced, 80% locked in travel/luxury vouchers.
Credibility Paradox
Disclosure Mismatch
| Authorities Say | Coupang Does |
|---|---|
| ~3,000 records found on device | 33,700,000 accounts compensated |
| No external sale confirmed | ₩1.685 trillion ($1.18 billion) |
If 3,000 is true → $1.18B for 3,000 users equals $393,000 per person. Massive capital misallocation.
If 33.7M is true → “3,000” report was gross understatement, raising disclosure violations and litigation risk.
Either way: shareholders lose.
Breakage Analysis
Voucher Economics
| Voucher Type | Amount | Est. Redemption |
|---|---|---|
| General Shopping | ₩5,000 | 40-60% |
| Coupang Eats | ₩5,000 | 30-50% |
| Travel | ₩20,000 | <10% |
| R.LUX (Luxury) | ₩20,000 | <5% |
Headline Value: ₩1.685T ($1.18B) · Estimated Actual Cost: ₩0.2-0.4T ($150-320M) · Implied Breakage: 70-85%
Source Documents
Primary References
- SEC Form 4 — Anand Sale
- SEC Form 4 — Kolari Sale
- SEC 10-Q — Q3 2025
- Reuters — Compensation Announcement
- Korea JoongAng Daily — Timeline Report
- Mobile Index — DAU Data