On July 30, 2024, Qoo10 founder and CEO Ku Young-bae said he could mobilize 80 billion won—reported at the time as nearly US$58 million—to address payment failures affecting sellers on the South Korean platforms TMON and WeMakePrice. But Ku also said he was unsure whether all the money could actually be used. The pledge was not proof that the funds were secured or that merchants were paid.
What Ku pledged at the hearing
Ku made the statement during a July 30, 2024 hearing of South Korea’s National Assembly National Policy Committee. KBS World reported that he apologized to the public, customers and sellers and said 80 billion won from company and personal funds could be mobilized. The report described the sum as nearly US$58 million. Ku qualified the promise: he was uncertain whether all of the funds could actually be used. KBS World’s account of the hearing records that uncertainty.
TechCrunch reported that Ku said he would secure the amount over the following 30 days and offered to sell his Qoo10 stake or use it as collateral. It quoted him saying, “I will sell my whole stake in Qoo10 or use it as collateral to deal with the situation.” That was a reported plan and offer, not confirmation that the stake was sold, funds were raised, or a specified amount reached merchants. TechCrunch’s July 2024 report described the pledge as intended to compensate affected customers and vendors.
Why merchants were owed money
The crisis centered on seller payments at TMON and WeMakePrice, Qoo10 marketplace subsidiaries in South Korea. TechCrunch reported that about 60,000 small merchants were affected by failed payments. It put unpaid bills at around 210 billion won, about US$151 million, at the time of its report—up from 170 billion won the prior week—and said the amount could grow to 1 trillion won, about US$722 million. These were contemporaneous reported estimates, not audited final liabilities or a confirmed measure of merchants’ ultimate losses.
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On July 29, 2024, TMON and WeMakePrice filed for court receivership after failing to pay merchants. TechCrunch said the Seoul Bankruptcy Court was reviewing the filings. A filing and a review do not, by themselves, establish the final outcome for creditors or how much any particular seller will recover.
Government relief and the investigation
TechCrunch reported that South Korea’s Ministry of Economy and Finance announced 560 billion won, about US$400 million, in vendor support, alongside planned low-interest loans and repayment or tax extensions. The announcement described a government response; it does not establish that every affected merchant qualified for the measures or received money.
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On August 1, 2024, KBS World reported that prosecutors raided TMON, WeMakePrice and Ku’s residence. The searches were part of an investigation into suspicions that the platforms continued seller contracts and sales despite knowing payment might be difficult. Those reported suspicions and investigative steps are not findings of guilt.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What later corporate disclosures do—and don’t—show
A 2026 company disclosure filed with the U.S. Securities and Exchange Commission reported that Qxpress wrote off S$47.0 million of Qoo10-related receivables and loans in 2024. It also reported US$52.9 million raised by Qxpress in convertible notes and shareholder loans between July 2024 and June 2026. These are corporate figures about receivables and financing; they are not evidence that Ku’s pledge was funded or that merchants received compensation. The disclosure does not establish how much sellers ultimately recovered. The SEC-filed company disclosure.
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