Unsettled payments of TMON, WeMakePrice grow to over $200 mil.

TMON CEO Ryu Kwang-jin heads to Seoul Bankruptcy Court, Friday. The e-commerce platform filed for corporate rehabilitation, which the court accepted amid the cash crunch it is experiencing. Yonhap

The amount of unsettled payments from TMON and WeMakePrice identified by the government has hit a total of 274.5 billion won ($200 million), increasing by 61.1 billion won over six days. Including amounts due for settlement soon, the scale is still expected to more than triple.

"The amount of unsettled payments for TMON and WeMakePrice increased from 213.4 billion won on July 25 to 274.5 billion won on Wednesday," First Vice Finance Minister Kim Beom-seok said, Friday, during a taskforce meeting at the Government Complex in Seoul.

The government anticipates the unsettled amount could more than triple compared to the present amount, due to the approaching settlement period for payments made during June and July. With TMON and WeMakePrice having filed for corporate rehabilitation, which the court approved, it is impossible for them to take charge of these payments.

The government plans to soon implement a 560 billion won loan program, announced on July 29, to support vendors facing bankruptcy due to unpaid bills. Additionally, the government will prepare and announce additional response measures and improvements to address the issue based on discussions held on Friday.

As the total amount continues to escalate, the Financial Supervisory Service issued an alert about attempts to demand personal information and induce malicious app installation through text messages, under the pretext of settling payments with the two platforms.

Scammers are imitating refund forms from TMON and WeMakePrice to deceive targeted victims into providing personal information and purchase details. They then use the stolen information to demand money, claiming it is necessary for compensation or refunds.