South Korea opened joint regulatory inspections into Qoo10-owned TMON and WeMakePrice on July 25, 2024, after the platforms delayed payments to merchants. The probe began as a regulatory response to the payment crisis; it was followed by corporate rehabilitation filings, a criminal investigation and, according to a company report filed in 2026, bankruptcy or court-receivership proceedings for Qoo10’s Korean subsidiaries during 2025.
What South Korea’s initial probe covered
The July 2024 inspections focused on TMON and WeMakePrice and the delays in paying sellers. South Korean financial and antitrust regulators began joint on-site inspections on July 25. The government also announced consumer-protection work, including preparation for collective dispute resolution. Those steps were distinct from the later criminal investigation and insolvency proceedings.
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TMON and WeMakePrice filed for corporate rehabilitation on July 29, according to contemporaneous reporting. On August 1, prosecutors searched the companies and other locations for evidence in the delayed-payment investigation. Yonhap reported that day that the government estimated overdue payments at 210 billion won. That was an estimate at that point in the crisis, not a final total of accepted merchant claims or an accounting of money recovered.
How the case developed
| Date | Reported development |
|---|---|
| July 25, 2024 | South Korean financial and antitrust regulators launched joint inspections of TMON and WeMakePrice over delayed seller payments; the government also announced consumer-protection work, including preparation for collective dispute resolution. |
| July 29, 2024 | TMON and WeMakePrice filed for corporate rehabilitation, according to contemporaneous reporting. |
| August 1, 2024 | Prosecutors searched the companies and other locations. Yonhap reported the government’s estimate of 210 billion won in overdue payments. |
| September 29, 2024 | Yonhap reported prosecutors were examining payments between the platforms and Qoo10 under a 2023 management consulting agreement. The report described an investigation, not a finding that those payments were unlawful. |
| October 4, 2024 | Yonhap reported that prosecutors had requested an arrest warrant for Qoo10 CEO Ku Young-bae, alleging fraud, embezzlement and breach of duty. A warrant request is not a conviction or a final finding of liability. |
| 2025, as summarized in a 2026 company filing | Qoo10’s three Korean subsidiaries—Tmon Co. Ltd, WeMakePrice Co. Ltd and Interpark Commerce Co. Ltd—filed for bankruptcy or entered court-receivership proceedings. |
What is known about the later insolvency
The 2026 SEC-filed company report describes proceedings involving three Korean subsidiaries, not just the two platforms at the center of the original July 2024 inspections. It attributes the Korean businesses’ worsening finances to operating losses, negative cash flow, competition and working-capital practices that included delayed settlement of trade payables. That is the reporting company’s explanation of the financial deterioration, not an adjudicated finding about any individual’s conduct.
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The filing does not give a current, platform-by-platform court status or a complete creditor timetable. The available figures also do not establish how much merchants’ claims have been accepted, how much has been distributed, or how much merchants will ultimately recover. The 210 billion won estimate reported in August 2024 should not be treated as any of those totals.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Singapore-based merchants were told
In a September 10, 2024 parliamentary reply, Singapore’s Ministry of Trade and Industry said it had received feedback from several Singapore-based merchants about Qoo10 payment delays, brought their cases to Qoo10’s attention and asked it to resolve them promptly. The Ministry said it was monitoring developments in South Korea for possible effects on Singapore operations.
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- To access your card information safely, type the complete website address shown on your Gift Card (MyGift.GiftCardMall.com) directly into your browser's address bar. Don't use search engines or shortened versions of the website address, as these may lead you to fake or fraudulent sites. Do not provide any Gift Card details (example: Card Number) to someone you do not know or trust. If you believe you've reached an illegitimate website, contact cardholder service at 1-888-524-1283. Be cautious of phishing sites, there are a variety of scams in which fraudsters try to trick others into paying with gift cards.
- To report your Lost or Stolen Physical Visa Card, call Customer Service 24/7 at 1 (888) 524-1283 to cancel your Gift Card as soon as you can. You will be asked to provide the Gift Card number and other identifying information.
- Use your Visa Gift Card in the U.S. everywhere Visa debit cards are accepted, including online.
The Ministry described raising concerns with Qoo10, pursuing civil claims if delays remained unresolved, and considering the Enterprise Financing Scheme Working Capital Loan as possible avenues for affected merchants. These were options identified in the Ministry’s 2024 reply, not guarantees of repayment. Its published answer described merchant feedback, contact with Qoo10 and monitoring; it did not announce a Singapore investigation into the Korean proceedings.
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