Timon WeMakePrice Controversy Summary (+ Refunds, New Payments, Merge Points, Gift Certificate Blocking, Damage Scale, etc.)

Recently, articles started to spread saying that Timon and WeMakePrice's financial status is not good, and that people should reconsider purchasing from the two platforms.

Eventually, when the above information was revealed to be true, a massive settlement delay occurred .

Many people are confused as both platforms announce that they will not be able to pay or refund sellers and consumers.

Let's summarize the Timon WeMakePrice controversy up to now.

Why are settlements and refunds delayed?

The main cause of the above problem is the expansion and deterioration of the finances of the parent company, Quten Krupp.

The financial burden came as Quten began pushing for mergers and acquisitions to expand its subsidiary Qexpress business and pursue a NASDAQ listing.

Although Timon and WeMakePrice were already reporting large deficits, QXpress believed in growth potential and is proceeding with various acquisitions and mergers.

But these challenges ultimately ended in failure.

So can I get a refund?

As Timon and WeMakePrice announced that they would provide refunds on the spot, many victims began to gather in front of the company building. The scene was revealed through many news reports.

Over the past two days, approximately 1.9 billion won has been refunded, but victims are reportedly expressing their anger as they are now unable to process refunds due to insufficient funds.

They say that Timon's card payment window has disappeared now.

Timon and WeMakePrice announced that they will introduce a new settlement system to support fast and safe payments to sellers.

I'm starting to doubt whether this is really trustworthy.

What is the extent of the damage so far?

There is speculation that normalization will be difficult as a memo has been discovered stating that the unsettled amount is 500-700 billion won and the damage is expected to be up to 1 trillion won .

The controversy appears to be growing, with even problems with paying employees' salaries.

There is talk that this controversy is similar to the Merge Point incident that occurred in 2021.

The 21-year Merge Point incident was an incident where the system, which had been providing benefits to those who purchased points, collapsed at some point and the point purchasers were unable to receive their money back.

It is said that the total damage from the incident amounted to 100 billion won.

This WeMakePrice Timon incident is expected to be larger in scale, so there is great concern.

I sincerely hope that this issue is resolved quickly so that the victims can get their money back without any damage.