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.