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Bae Jae-hyun, former Chief Investment Officer of Kakao Group (Photo = Yonhap News) |
[Alpha Biz= Kim Jisun] SEOUL, November 9 (local time) — Bae Jae-hyun, former Chief Investment Officer of Kakao Group, has filed a civil lawsuit against Mirae Asset Securities, seeking compensation for damages caused by a large-scale cyber-hacking incident that targeted his personal investment account.
According to the financial investment industry on Saturday, Bae filed the suit demanding that Mirae Asset restore both the cash and stocks lost in the breach.
The hacking occurred shortly after Bae’s arrest in October 2023 on allegations of stock-price manipulation linked to SM Entertainment’s takeover battle.
Investigators found that the hacking group had illegally activated a mobile phone line under Bae’s name using stolen personal information, accessed his Mirae Asset Securities account, and attempted to withdraw tens of billions of won in cash and stock-sale proceeds.
Although another financial institution detected the unusual transactions and froze several accounts, a portion of the transferred funds could not be recovered.
Bae claims the brokerage must fully compensate the remaining losses, arguing that financial institutions bear liability for security breaches involving identity fraud.
He asserts that the damages should be valued based on the current market prices of the liquidated shares, estimating the total loss at ₩11 billion (approximately US $8 million).
Of this, about ₩6.08 billion has already been recovered, leaving the remainder under dispute.
Mirae Asset Securities, however, contends that the damages should be calculated based on the share prices at the time of the incident, and that the firm’s responsibility is limited.
The brokerage maintains that the total amount withdrawn was ₩7.66 billion, consisting of ₩3.93 billion in stock proceeds and ₩3.73 billion in cash, of which ₩6.08 billion was recovered — placing the net loss at roughly ₩1.58 billion.
The case is part of a broader cybercrime investigation targeting high-profile individuals, including K-pop superstar Jungkook of BTS and executives from several major conglomerates.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
