TLDRs;

Coupang MAU fell to 33.2M, reflecting sharp post-breach user decline.
Largest South Korean data leak exposed 33.7M accounts over months.
Company faces record fines under personal information protection laws.
Voucher compensation and government reforms intensify investor and regulatory pressure.

Coupang’s monthly active users (MAU) fell to 33.2 million in January, a 3.2% decrease from the previous month, according to data from Wiseapp Retail. The decline marks a sharp acceleration from December’s modest 0.3% drop, signaling that the fallout from the company’s recent data breach continues to weigh on user engagement.

Coupang, Inc., CPNG

The breach, disclosed in late November 2025, exposed sensitive information from roughly 33.7 million accounts, making it the largest personal data leak in South Korea in over a decade. The incident has shaken confidence among the company’s users and investors, directly contributing to the drop in MAU and the recent decline in Coupang’s stock price.

Security Oversights Come Under Scrutiny

The breach reportedly stemmed from a combination of weak account authentication protocols and mismanaged cryptographic keys linked to a former employee. According to reports, the attacker had access for nearly five months, from late June to mid-November 2025, before the issue was disclosed.

Coupang initially reported suspicious activity affecting only 4,500 accounts. However, the full scale of the breach, 33.7 million users, was revealed about ten days later. Founder Kim Bom publicly admitted that the delay and lack of clarity in communication was “poor judgment,” acknowledging the company’s missteps in managing the crisis.

This incident follows multiple smaller data exposure cases since 2020, raising concerns about long-term lapses in Coupang’s security oversight. Regulators in South Korea have launched investigations that could result in fines potentially reaching record levels under the Personal Information Protection Act.

Regulatory Pressure and Compensation Costs

In response to the breach, Coupang offered affected users 50,000-won ($34.5) discount vouchers, totaling approximately 1.69 trillion won ($1.17 billion) in compensation. South Korean authorities have suggested that penalties tied to the compromised data could reach 3% of the company’s revenue, which experts estimate may approach 1 trillion won ($770 million).

The breach has prompted the government to elevate a pan-government data protection task force to deputy prime minister-level leadership, reflecting concerns over platform accountability and security standards. Presidential staff have criticized the country’s current punitive damages framework as “virtually ineffective,” signaling a likelihood of legal reforms in the near future.

Geopolitical Implications and Investor Concerns

Beyond regulatory scrutiny, the incident has sparked geopolitical discussions. Former U.S. National Security Adviser Robert C. O’Brien warned that the breach could lead to discriminatory measures against Coupang, a NYSE-listed company.

While the framing of such risks is debated within South Korea, the situation underscores the broader market and political implications of major data breaches involving global tech firms.

Investors are closely watching how the company navigates this crisis. The combination of user attrition, compensation expenses, and regulatory pressure has weighed heavily on Coupang’s stock, leading to the recent decline. Analysts note that restoring user trust and tightening data security measures will be crucial for stabilizing the platform and regaining investor confidence.

The post Coupang (CPNG) Stock; Falls as Monthly Users Drop to 33.2M appeared first on CoinCentral.

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Filed under: News - @ February 3, 2026 9:28 am