South Koreas top instant messenger plunges after outage prompts calls for monopoly probe
Summary
KakaoTalk and other services of Kakao Corp. faced a major outage after a fire broke out at a data center in the outskirts of the countrys capital, Seoul (Photo Illustration by Thiago Prudencio/SOPA Images/LightRocket via Getty Images) Shares of South Koreas top messaging app plunged Monday after a major data center outage over the weekend disrupted service for more than 53 million users worldwide. KakaoTalk is not only South Koreas top messaging app, it is also heavily relied on for everything ranging from online payments, gaming and ride hailing as well as log-in verification for other major websites. "If there is a monopoly or an oligopoly situation where it manipulates the market, we need to take systemic measures from a nationwide level for the interest of the people," Yoon said Monday. On Monday, shares of Kakao Corp. plunged more than 9% at the open, while internet giant Naver shed 2% in the morning session before paring losses. Naver also briefly faced limited disruptions as the data center also hosts servers for the company, but resumed most of its operations on Sunday.