WeMakePrice and Tmon have been delaying settlements with sellers since early July, prompting some businesses to cancel products and withdraw from the sites. Damages are estimated to exceed 100 billion won ($72.23 million).
The crisis stems from a liquidity crunch involving their Singapore-based parent company, Qoo10.
Payment gateway companies have suspended credit card transactions, blocking both new purchases and cancellations for existing transactions.
WeMakePrice began processing refunds for affected customers late Wednesday night. The company apologized and pledged full compensation for both sellers and consumers.
