Naked News Korea is naked no more but has become big news itself. After barely a month of operations, Naked News Korea, which featured topless news anchors, abruptly closed down amid allegations that the CEO, John Chau, disappeared with all of the company's money. Although Chau bought the naming rights from the Naked News it was never an official subsidiary of the Toronto-based Canadian company. In fact, many are now claiming that the entire venture was a scam from the start by Chau to defraud investors and staff. Naked News Korea became a hot issue in Korea since its debuted on June 23. Allkpop report:

After barely a month of operations, Naked News Korea is apparently winding up and with four of its remaining presenters expressing, "We will fight to the end against Naked News Korea for lying to us and the nation.

Naked News Korea presenters Choi Sun Yi, Han Min Kyung, Lee Se Yeon and Jin Jae Kyung held a press conference on 30th July, "We became presenters for Naked News Korea despite getting criticisms from our parents, relatives and friends. The owner, John Chau seems to be acting with only his own interests in mind and had operated the business with the intent of committing fraud. All of the money has went into his own pocket."

Naked News Korea had ceased to provide news updates last week due to internal issues which included owning the 9 presenters and other staff about 2 -3 months of wages among others. 5 of the original nine presenters have already left the company, with only four remaining behind before everything erupted. All of the staff have no clue about what's going on and could only say that they have been cheated by John Chau. The matter has been been bought to the attention of the Labor Ministry while the police have also started investigations into fraud allegations against John Chau.

Choi Sun Yi said while sobbing, "We received lots of criticisms about us being presenters for Naked News Korea. But we still went ahead to do it because it was the first time that this was being attempted in Korea and we would be the pioneering batch. We felt proud to be part of the company. But in the end, it was just a move to cheat us females of our dignity and money. We had thought earlier that Naked News Korea was a subsidary of Naked News. But only much later, we learnt that John Chau only bought the naming rights and only seeked to scam everyone in a one-time deal."

Another presenter said, “I feel like I’m the victim of a fraud. I staked everything on this job and look how I ended up. I heard that senior executives have already left the country. The other anchors and I will make sure that justice is served. We also hope that the criticisms levelled towards our parents will stop", before bursting into tears.

Some have suggested that because Naked News Korea didn't fare as well as expected, thus John Chau decided to take the easy route and ran off with the money. Naked News Korea had started with a big bang and claimed that it had managed to secure 260,000 subscribers. But this was doubted by the presenters who said that only 30,000 had signed up for the service. An apology was put out on Naked News Korea website on the 30th saying, "We are currently suspending all services due to internal issues and it's impossible for us to provide updated news for the time being."