Coupang’s two major stakeholders have called on officials in Washington, DC, to scrutinise how South Korea is treating the online retailer and to weigh potential trade actions in response.

According to Reuters, technology-focused investors Greenoaks and Altimeter have filed a petition with the Office of the US Trade Representative (USTR) and initiated arbitration proceedings under the US–Korea Free Trade Agreement (KORUS).

They argue that Seoul has subjected Coupang to unfair regulatory pressure after a large-scale consumer data breach, which they say has wiped billions of dollars from shareholder value.

Coupang disclosed in November that information linked to approximately 33 million South Korean customers had been exposed.

The incident triggered political criticism, regulatory probes and legal action from both investors and consumers.

In their submissions to US authorities, the investors argue that the government’s response has gone far beyond ordinary regulatory oversight and has become excessive in scope.

They claim it now resembles a whole-of-government campaign, involving labour, customs, and financial investigations that they say are largely unrelated to the original breach.

Consequently, they are demanding that this discriminatory behaviour cease and are advocating for a restoration of stable, predictable operating conditions for US businesses in the country.

South Korean President Lee Jae Myung told a Reuters-reported news conference that the nation was sovereign and would deal with the matter fairly under existing laws and principles.

Trade minister Yeo Han-koo has also rejected claims of bias, saying earlier this month that US officials had misunderstood Seoul’s actions following meetings in Washington with USTR Jamieson Greer and lawmakers.

Under KORUS rules, the investors’ notice starts a 90-day consultation window before arbitration can proceed.

Separately, USTR has 45 days to decide whether to launch a formal inquiry that could involve hearings and potential countermeasures, including tariffs on South Korean goods and services.