A South Korean e-commerce platform has officially filed for bankruptcy with debts exceeding 2 billion yuan.

According to reports from the South Korean news agency Yonhap, on the 10th local time, a court in Seoul, South Korea ruled that the e-commerce platform WeMee, which is in financial difficulty due to debt issues, has officially declared bankruptcy. It was reported that at the end of July last year, WeMee applied to the court to initiate a reorganization process, which was finally declared bankrupt after 1 year and 4 months, with the deadline for creditors to file claims set to January 6 next year. About 108,000 people were victims of the WeMee debt incident, with losses of approximately 580 billion Korean won. Financial reports show that WeMee's total assets are 48.6 billion Korean won. Total liabilities amounted to 446.2 billion Korean won, with almost no assets that can be realized. In addition, a committee made up of victims stated that they were declared a "0% reimbursement rate," meaning they cannot recover a single cent. It is understood that WeMee is a subsidiary of the Singapore-based Korean e-commerce company Coupang, and was once the fourth largest e-commerce platform in Korea. Due to the company's failure to pay merchants' debts and failure to refund consumers in a timely manner, they applied for reorganization to the court at the end of July last year, citing operational difficulties.