A fresh wave of U.S.-based investment firms has joined an ongoing legal confrontation with the government of South Korea over its handling of a large scale cybersecurity incident involving Coupang.
On February 11, it was confirmed that three additional investors, Abrams Capital, Durable Capital Partners, and Foxhaven Asset Management, have formally moved to participate in arbitration proceedings. These firms are aligning with Greenoaks Capital and Altimeter Capital, which had already initiated legal action. By filing official notices, the new claimants are adopting and supporting the earlier case rather than launching a separate one.
At the center of the dispute is an allegation that South Korean authorities unfairly targeted Coupang and, by extension, other U.S.-linked businesses operating in the country. The investors claim that Seoul’s regulatory response following a large-scale consumer data breach amounted to discriminatory treatment that caused severe financial harm.
The controversy traces back to a disclosure made in November, when Coupang announced that personal information belonging to roughly 33 million customers in South Korea had been exposed in a cyber incident. Data breaches of this scale typically involve unauthorized access to customer records, which may include names, contact information, and other identifying details. The announcement triggered widespread public concern, political scrutiny, legal complaints, and cross-border tensions.
According to the investors pursuing arbitration, the government’s actions after the breach significantly affected shareholder value, resulting in losses amounting to billions of dollars. They argue that the regulatory measures taken were disproportionate and damaged investor confidence.
In addition to arbitration efforts, the newly joined investors have sent letters supporting calls for a formal review by U.S. authorities into South Korea’s conduct. Neil Mehta, founder and managing partner of Greenoaks Capital, stated that American policymakers and investors increasingly view the case as an example of the need to defend U.S. companies against what they see as unfair foreign government actions.
Coupang was established in 2010 by Korean-American entrepreneur Bom Kim, a graduate of Harvard University. Over the past decade, it has become the most widely used e-commerce platform in South Korea, surpassing long-established domestic conglomerates such as Shinsegae in online retail presence. The company has expanded beyond traditional online shopping into food delivery services, streaming platforms, and financial technology offerings, further strengthening its footprint in the country’s digital economy.
South Korea’s Justice Ministry has confirmed receipt of additional notices signaling intent to arbitrate. In an official statement, the ministry said it would respond in a systematic and professional manner through its International Investment Dispute Response Team, indicating that the government intends to formally defend its position.
The issue has also contributed to rising trade friction between Washington and Seoul. U.S. President Donald Trump has warned that tariffs on South Korean goods could increase to as much as 25 percent amid broader economic tensions.
Separately, the United States House Committee on the Judiciary recently issued a subpoena to Coupang as part of an ongoing investigation examining alleged discriminatory treatment of American companies operating abroad.
As arbitration proceedings advance, the case is expected to test not only corporate accountability in the wake of major data breaches, but also the strength of international investment protections and the diplomatic balance between two long-standing economic partners.
Rome’s La Sapienza University is continuing to experience major operational disruption after a cyber intrusion forced administrators to take its digital infrastructure offline as a safety measure. The shutdown began on February 2 and has affected core online services used by students, faculty, and administrative staff.
Since the incident, students have been unable to complete basic academic and administrative tasks such as registering for examinations, viewing tuition-related records, or accessing official contact information for teaching staff. With internal platforms unavailable, the university has relied mainly on its social media channels to share updates. These notices have acknowledged the disruption but have not provided detailed technical explanations or a confirmed date for when full access will be restored.
University officials confirmed that their systems were deliberately powered down to contain the threat and to prevent malicious software from spreading to other parts of the network. Emergency shutdowns of this kind are typically used when there is a risk that an attack could compromise additional servers, user accounts, or stored data. This response suggests that the incident involved harmful software capable of moving across connected systems.
According to publicly available reporting, the disruption was caused by ransomware, a category of cyber attack in which criminals attempt to lock organizations out of their own systems or data. Some media sources have claimed that a newly observed cybercrime group may be linked to the breach and that a ransomware variant referred to in security research as Bablock, also known as Rorschach, may have been involved. These attributions are part of ongoing assessments and have not been formally confirmed by authorities.
Technical analyses cited in public reporting describe this malware family as drawing components from previously leaked cybercrime tools, allowing attackers to combine multiple techniques into a single, highly disruptive program. Such ransomware is designed to operate rapidly and can spread across large digital environments, which helps explain the scale of the disruption experienced by one of Europe’s largest universities by student enrollment.
The university has formally reported the incident to Italian law enforcement and to the National Cybersecurity Agency, both of which are now involved in the investigation and response. Administrators have stated that emergency management is being coordinated across academic offices, administrative departments, and student representatives, with discussions underway to introduce deadline extensions and flexible arrangements to limit academic harm.
Due to the ongoing shutdown of internal systems, campus information desks are currently unable to access digital records that would normally support student inquiries. Updates about service availability and office hours are being shared through official faculty social media pages.
Meanwhile, technical teams are examining the full scope of the breach before restoring systems from backups. This step is necessary to ensure that no malicious code remains active. It is still unclear whether all stored data can be fully recovered or whether some information may remain inaccessible following the attack.
Spain’s Ministry of Science, Innovation and Universities has temporarily disabled parts of its digital infrastructure following what it described as a technical problem. The disruption has affected several online services used by citizens, universities, researchers, and businesses for official procedures and submissions. These platforms support important administrative functions and process sensitive information, which is why access was restricted as a precaution.
The ministry oversees national science policy, research programs, innovation initiatives, and higher education administration. Its systems handle high-value data, including academic and research records, application materials, and personal information linked to students and professionals. Because of the incident, multiple digital services were made unavailable, and active procedures were placed on hold to limit any potential risk to data or system integrity.
In a public notice on its official website, the ministry stated that the incident is under technical assessment and did not disclose further details at the time. The announcement clarified that the ministry’s online portal is only partially operational and that ongoing administrative processes have been paused to protect the rights and lawful interests of affected users. To reduce the impact of the outage, authorities confirmed that deadlines for affected procedures will be extended in line with Spain’s administrative law provisions, so applicants and institutions are not penalized for delays caused by the shutdown.
Separately, claims surfaced on underground online platforms from an individual alleging unauthorized access to the ministry’s systems. The person shared what they presented as sample data to support the claim and stated that additional information was available for sale. The material reportedly includes personal records, email information, application-related documents, and images of official paperwork. These claims have not been independently verified, and the online space where the samples were shared later became inaccessible.
The same individual alleged that access was gained by exploiting a security weakness that can allow users to reach restricted resources without proper authorization. Such flaws, when present in web applications, can expose internal systems if not properly secured. At this stage, the technical details of the claim remain unconfirmed by authorities.
Spanish media outlets have reported that a ministry spokesperson acknowledged that the service disruption is linked to a cybersecurity incident. However, officials have not confirmed whether any data was accessed or taken, nor have they outlined the scope of any potential compromise. The ministry has indicated that investigations are ongoing to determine what occurred and to restore services safely.
Cybersecurity experts consistently warn that public sector systems are frequent targets because of the volume and sensitivity of data they manage. Strong access controls, continuous monitoring, and timely security updates are critical to reducing exposure to such risks. Further updates from the ministry are expected once technical assessments are completed and the situation is fully clarified.