The issuer of Happy Money gift certificates has effectively declared 'default' (failure to fulfill debt).

Can I really receive a refund or compensation?

It's not millions of victims, but...

High-amount victims must be really having a hard time.

If you've declared a default... there's nothing more to say ㅠㅠ

The issuer of Happy Money is effectively in 'default'.
The aftermath of indiscriminate fundraising of 100 billion won per month
The industry raises suspicions of a public offering.

Employee A, who visited the headquarters in person to inquire about a gift card refund, expressed frustration, saying, "With the Tmon incident, all the places where I could use Happy Money disappeared in an instant, and I have no way to get relief, so I am frustrated."

The issuer of Happy Money gift certificates has effectively declared 'default' (failure to fulfill debt). The reason is that they have not received the 100 billion won worth of Happy Money sales proceeds sold through Tmon in July. The delay in settlement between Tmon and Wemakeprice has led to a halt in Happy Money gift certificate refunds, with some analysts suggesting that this situation is becoming a reality of a 'second Merge Point' crisis.

According to the gift card industry on the 1st, Happy Money Inc. informed high-value holders, those possessing over 7 million won worth of Happy Money gift cards (points), that refunds could not be processed immediately. The amount of Happy Money gift cards circulated in the market from May to July is estimated to be 300 billion won, making it an unprecedented scale. This exceeds the scale of the 'Merge Point incident' in 2021.

The main cause of the default is attributed to Tmon's 'Gift Card Time Deal.' Tmon promoted Happy Money, which can be cashed out, as a key product for its time-limited deals sold at significantly discounted prices, up to 10% below face value. It is also said that Happy Money issued gift cards excessively to boost sales.

A representative from a gift card exchange specialist company explained, "From May to July, Tmon sold 'Happy Money Online Gift Certificates worth 50,000 won' at up to 10% discounted prices, approximately 50,000 units each time, about 40 times." He added, "It appears that Tmon, needing short-term liquidity, indiscriminately raised around 100 billion won per month through Happy Money, and Happy Money also cooperated with this."

During this process, specialized gift certificate exchange companies and individuals aiming for high discount rates began large-scale purchases, escalating the situation. Gift certificate exchange companies are known to hold between 1 billion to 3 billion won. Individuals are reported to possess up to 20 million won worth of Happy Money gift certificates. In an era of high inflation, 'Sangtech' (gift certificates + financial tech) has become popular, allowing individuals to buy gift certificates at low prices and enjoy benefits such as shopping and dining at partner restaurants at discounted rates.

There are suspicions of collusion between Happy Money and Tmon. Happy Money Inc., which issued gift certificates worth approximately 150 billion won annually, significantly increased its issuance scale starting in May. An industry insider pointed out, "There is suspicion that Happy Money, the issuer, continued selling gift certificates despite knowing about Tmon's liquidity shortage."

<Source: Korea Economic Daily>