UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13D
                    Under the Securities Exchange Act of 1934
                                (Amendment No. 9)

                                Gravity Co., Ltd.
          -------------------------------------------------------------
                                (Name of Issuer)

                    Common Stock, Par Value Won 500 Per Share

                 Shares of Common Stock in the form of American
                               Depository Shares*
--------------------------------------------------------------------------------
                         (Title of Class of Securities)
                                    38911N107
            ---------------------------------------------------------
                                 (CUSIP Number)

                          Moon Capital Master Fund Ltd.
                         c/o Moon Capital Management LP
                           499 Park Avenue, 8th Floor
                               New York, NY 10022
                        Attention: Andrew L. Wright, Esq.
                                 General Counsel
                                 (212) 652-4567

                                 with a copy to:
                             Chadbourne & Parke LLP
                              30 Rockefeller Plaza
                               New York, NY 10112
                          Attention: Sey-Hyo Lee, Esq.
                                 (212) 408-5100
--------------------------------------------------------------------------------
           (Name, Address and Telephone Number of Person Authorized to
                       Receive Notices and Communications)

                               November 20, 2006
--------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)
--------------------------------------------------------------------------------
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box |X|

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act.


--------------------
*    Each American Depository Share represents one-fourth of one share of common
     stock, par value Won 500 per share (the "Common Stock").




                                  SCHEDULE 13D
-------------------                                      -----------------------
CUSIP No. 38911N107                                           Page 2 of 12 Pages
-------------------                                      -----------------------
--------- ----------------------------------------------------------------------
   1      NAMES OF REPORTING PERSONS
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          Moon Capital Master Fund Ltd.
--------- ----------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [X]
                                                                 (b) [ ]
--------- ----------------------------------------------------------------------
   3      SEC USE ONLY

--------- ----------------------------------------------------------------------
   4      SOURCE OF FUNDS

          OO
--------- ----------------------------------------------------------------------
   5      CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
          ITEMS 2(d) or 2(e)                                         [ ]
--------- ----------------------------------------------------------------------
   6      CITIZENSHIP OR PLACE OF ORGANIZATION

          Cayman Islands
------------------- ------- ----------------------------------------------------
    NUMBER OF         7     SOLE VOTING POWER

     SHARES                 -0-
                    ------- ----------------------------------------------------
                      8     SHARED VOTING POWER
   BENEFICIALLY

     OWNED BY               583,251.75*
                    ------- ----------------------------------------------------
       EACH           9     SOLE DISPOSITIVE POWER

    REPORTING               -0-
                    ------- ----------------------------------------------------
      PERSON          10    SHARED DISPOSITIVE POWER

       WITH                 583,251.75*
------------------- ------- ----------------------------------------------------
   11     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          583,251.75*
--------- ----------------------------------------------------------------------
   12     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
          CERTAIN SHARES                                             [ ]
--------- ----------------------------------------------------------------------
   13     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

          8.4% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
   14     TYPE OF REPORTING PERSON

          CO
--------- ----------------------------------------------------------------------


--------------------
*    Includes 105,971 shares of Common Stock and 1,909,123 American Depository
     Shares ("ADSs") representing 477,280.75 shares of Common Stock.




                                  SCHEDULE 13D
-------------------                                      -----------------------
CUSIP No. 38911N107                                           Page 3 of 12 Pages
-------------------                                      -----------------------
--------- ----------------------------------------------------------------------
   1      NAMES OF REPORTING PERSONS
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          Moon Capital Leveraged Master Fund Ltd.
--------- ----------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [X]
                                                                 (b) [ ]
--------- ----------------------------------------------------------------------
   3      SEC USE ONLY

--------- ----------------------------------------------------------------------
   4      SOURCE OF FUNDS

          OO
--------- ----------------------------------------------------------------------
   5      CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
          ITEMS 2(d) or 2(e)                                         [ ]
--------- ----------------------------------------------------------------------
   6      CITIZENSHIP OR PLACE OF ORGANIZATION

          Cayman Islands
------------------- ------- ----------------------------------------------------
    NUMBER OF         7     SOLE VOTING POWER

     SHARES                 -0-
                    ------- ----------------------------------------------------
                      8     SHARED VOTING POWER
   BENEFICIALLY

     OWNED BY               7,644.5*
                    ------- ----------------------------------------------------
       EACH           9     SOLE DISPOSITIVE POWER

    REPORTING               -0-
                    ------- ----------------------------------------------------
      PERSON          10    SHARED DISPOSITIVE POWER

       WITH                 7,644.5*
------------------- ------- ----------------------------------------------------
   11     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          7,644.5*
--------- ----------------------------------------------------------------------
   12     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
          CERTAIN SHARES                                             [ ]
--------- ----------------------------------------------------------------------
   13     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

          0.1% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
   14     TYPE OF REPORTING PERSON

          CO
--------- ----------------------------------------------------------------------


--------------------
*    Represents 30,578 ADSs.




                                  SCHEDULE 13D
-------------------                                      -----------------------
CUSIP No. 38911N107                                           Page 4 of 12 Pages
-------------------                                      -----------------------
--------- ----------------------------------------------------------------------
   1      NAMES OF REPORTING PERSONS
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          Moon Capital Management LP
--------- ----------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [X]
                                                                 (b) [ ]
--------- ----------------------------------------------------------------------
   3      SEC USE ONLY

--------- ----------------------------------------------------------------------
   4      SOURCE OF FUNDS

          OO
--------- ----------------------------------------------------------------------
   5      CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
          ITEMS 2(d) or 2(e)                                         [ ]
--------- ----------------------------------------------------------------------
   6      CITIZENSHIP OR PLACE OF ORGANIZATION

          Delaware
------------------- ------- ----------------------------------------------------
    NUMBER OF         7     SOLE VOTING POWER

     SHARES                 -0-
                    ------- ----------------------------------------------------
                      8     SHARED VOTING POWER
   BENEFICIALLY

     OWNED BY               590,896.25*
                    ------- ----------------------------------------------------
       EACH           9     SOLE DISPOSITIVE POWER

    REPORTING               -0-
                    ------- ----------------------------------------------------
      PERSON          10    SHARED DISPOSITIVE POWER

       WITH                 590,896.25*
------------------- ------- ----------------------------------------------------
   11     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          590,896.25*
--------- ----------------------------------------------------------------------
   12     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
          CERTAIN SHARES                                             [ ]
--------- ----------------------------------------------------------------------
   13     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

          8.5% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
   14     TYPE OF REPORTING PERSON

          PN
--------- ----------------------------------------------------------------------


--------------------
*    Includes 105,971 shares of Common Stock and 1,939,701 ADSs representing
     484,925.25 shares of Common Stock.




                                  SCHEDULE 13D
-------------------                                      -----------------------
CUSIP No. 38911N107                                           Page 5 of 12 Pages
-------------------                                      -----------------------
--------- ----------------------------------------------------------------------
   1      NAMES OF REPORTING PERSONS
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          JWM Capital LLC
--------- ----------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [X]
                                                                 (b) [ ]
--------- ----------------------------------------------------------------------
   3      SEC USE ONLY

--------- ----------------------------------------------------------------------
   4      SOURCE OF FUNDS

          OO
--------- ----------------------------------------------------------------------
   5      CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
          ITEMS 2(d) or 2(e)                                         [ ]
--------- ----------------------------------------------------------------------
   6      CITIZENSHIP OR PLACE OF ORGANIZATION

          Delaware
------------------- ------- ----------------------------------------------------
    NUMBER OF         7     SOLE VOTING POWER

     SHARES                 -0-
                    ------- ----------------------------------------------------
                      8     SHARED VOTING POWER
   BENEFICIALLY

     OWNED BY               590,896.25*
                    ------- ----------------------------------------------------
       EACH           9     SOLE DISPOSITIVE POWER

    REPORTING               -0-
                    ------- ----------------------------------------------------
      PERSON          10    SHARED DISPOSITIVE POWER

       WITH                 590,896.25*
------------------- ------- ----------------------------------------------------
   11     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          590,896.25*
--------- ----------------------------------------------------------------------
   12     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
          CERTAIN SHARES                                             [ ]
--------- ----------------------------------------------------------------------
   13     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

          8.5% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
   14     TYPE OF REPORTING PERSON

          OO
--------- ----------------------------------------------------------------------


--------------------
*    Includes 105,971 shares of Common Stock and 1,939,701 ADSs representing
     484,925.25 shares of Common Stock.




                                  SCHEDULE 13D
-------------------                                      -----------------------
CUSIP No. 38911N107                                           Page 6 of 12 Pages
-------------------                                      -----------------------
--------- ----------------------------------------------------------------------
   1      NAMES OF REPORTING PERSONS
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          John W. Moon
--------- ----------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [X]
                                                                 (b) [ ]
--------- ----------------------------------------------------------------------
   3      SEC USE ONLY

--------- ----------------------------------------------------------------------
   4      SOURCE OF FUNDS

          OO
--------- ----------------------------------------------------------------------
   5      CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
          ITEMS 2(d) or 2(e)                                         [ ]
--------- ----------------------------------------------------------------------
   6      CITIZENSHIP OR PLACE OF ORGANIZATION

          United States of America
------------------- ------- ----------------------------------------------------
    NUMBER OF         7     SOLE VOTING POWER

     SHARES                 -0-
                    ------- ----------------------------------------------------
                      8     SHARED VOTING POWER
   BENEFICIALLY

     OWNED BY               590,896.25*
                    ------- ----------------------------------------------------
       EACH           9     SOLE DISPOSITIVE POWER

    REPORTING               -0-
                    ------- ----------------------------------------------------
      PERSON          10    SHARED DISPOSITIVE POWER

       WITH                 590,896.25*
------------------- ------- ----------------------------------------------------
   11     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          590,896.25*
--------- ----------------------------------------------------------------------
   12     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
          CERTAIN SHARES                                             [ ]
--------- ----------------------------------------------------------------------
   13     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

          8.5% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
   14     TYPE OF REPORTING PERSON

          IN
--------- ----------------------------------------------------------------------


--------------------
*    Includes 105,971 shares of Common Stock and 1,939,701 ADSs representing
     484,925.25 shares of Common Stock.




CUSIP NO. 38911N107               SCHEDULE 13D                Page 7 of 12 Pages


         This Amendment No. 9 (this "Amendment No. 9") further amends and
supplements the Schedule 13D dated March 28, 2006 filed by Moon Capital Master
Fund Ltd., Moon Capital Management LP, JWM Capital LLC and Mr. John W. Moon (the
"Schedule 13D") in connection with the American Depository Shares of Gravity
Co., Ltd., as amended and supplemented by Amendment No. 1 to Schedule 13D dated
May 4, 2006 ("Amendment No. 1"), Amendment No. 2 to Schedule 13D dated May 23,
2006 ("Amendment No. 2"), Amendment No. 3 to Schedule 13D dated June 1, 2006
("Amendment No. 3"), Amendment No. 4 to Schedule 13D dated July 18, 2006
("Amendment No. 4"), Amendment No. 5 to Schedule 13D dated July 31, 2006
("Amendment No. 5"), Amendment No. 6 to Schedule 13D dated August 22, 2006
("Amendment No. 6"), Amendment No. 7 to Schedule 13D dated August 25, 2006
("Amendment No. 7") and Amendment No. 8 to Schedule 13D dated November 9, 2006
("Amendment No. 8") filed by Moon Capital Master Fund Ltd., Moon Capital
Leveraged Master Fund Ltd., Moon Capital Management LP, JWM Capital LLC and Mr.
John W. Moon (collectively, the "Reporting Persons") in connection with the
American Depository Shares and shares of common stock of Gravity Co., Ltd.
Capitalized terms used in this Amendment No. 9 and not otherwise defined herein
have the meanings assigned to such terms in Amendments Nos. 1 through 8 and/or
the Schedule 13D.


Item 2.     Identity and Background.
            -----------------------

         The second paragraph of Item 2 is hereby amended and restated in its
entirety as follows:

         The Master Fund, the Leveraged Fund, the Investment Manager, the IMGP
and Mr. Moon are hereinafter sometimes collectively referred to as the
"Reporting Persons". Any disclosures made herein with respect to persons or
entities other than the Reporting Persons are made on information and belief. By
virtue of the communications among the Reporting Persons and representatives of
Ramius Capital Group, LLC and certain of its affiliates (collectively the
"Ramius Entities") and certain actions as to the matters more fully described in
Item 4 and the Sharing Agreement, dated as of March 28, 2006, between the
Reporting Persons and the Ramius Entities as to the sharing of certain
information and expenses attached as an exhibit to the Schedule 13D, the
Reporting Persons may be deemed to be a "group" with the Ramius Entities for
purposes of the Securities Exchange Act of 1934, as amended (the "Act"). On the
basis of information provided to the Reporting Persons by the Ramius Entities,
the Reporting Persons believe that the Ramius Entities are the beneficial owners
of an aggregate of 2,147,195 ADSs and 105,973 shares of Common Stock
representing in the aggregate approximately 9.3% of the outstanding shares of
Common Stock. The Reporting Persons expressly disclaim beneficial ownership of
securities held by any person or entity other than the various accounts under
the Reporting Persons' management and control. The securities reported herein as
being beneficially owned by the Reporting Persons do not include any securities
held by the Ramius Entities (including but not limited to accounts or entities
under its control) or any other person or entity other than the various entities
and accounts under the Reporting Persons' management and control.





CUSIP NO. 38911N107               SCHEDULE 13D                Page 8 of 12 Pages


Item 4.     Purpose of Transaction
            ----------------------

         Item 4 is hereby amended by adding the following at the end thereof:

         On November 20, 2006 the Gravity Committee for Fair Treatment of
Minority Shareholders (the "Committee") announced that it has prepared a
Preliminary Proxy Statement of the Committee in connection with the
Extraordinary General Meeting of Shareholders of Gravity to be held at 9:00 A.M.
on Tuesday, December 26, 2006. A copy of the Preliminary Proxy Statement is
attached as Exhibit 7 hereto and is incorporated herein by reference. A copy of
the press release dated November 20, 2006 making the announcement is attached as
Exhibit 8 hereto and is incorporated herein by reference.


Item 5.     Interest in Securities of the Issuer.
            -------------------------------------

         Section A of Item 5 is hereby amended and supplemented as follows:

      A. As of the date hereof, the Reporting Persons have the following
interests in the securities of Gravity:

         (a) Moon Capital Master Fund Ltd.

              (i) Amount beneficially owned: 583,251.75*

         The percentages used herein and in the rest of this Schedule 13D are
calculated based upon the 6,948,900 shares of Common Stock issued and
outstanding as of the date hereof, including through ADSs.

              (ii) Percent of class: 8.4% of outstanding shares of Common Stock

              (iii) Number of shares as to which such person has:

                   (a) Sole power to vote or direct the vote: -0-

                   (b) Shared power to vote or direct the vote: 583,251.75*

                   (c) Sole power to dispose or direct the disposition: -0-

                   (d) Shared power to dispose or direct the disposition:
                       583,251.75*


-------------------
*    Includes 105,971 shares of Common Stock and 1,909,123 ADSs representing
     477,280.75 shares of Common Stock.




CUSIP NO. 38911N107               SCHEDULE 13D                Page 9 of 12 Pages


         (b) Moon Capital Leveraged Master Fund Ltd.

              (i) Amount beneficially owned 7,644.5**

              (ii) Percent of class: 0.1% of outstanding shares of Common Stock

              (iii) Number of shares as to which such person has:

                   (a) Sole power to vote or direct the vote: -0-

                   (b) Shared power to vote or direct the vote: 7,644.5**

                   (c) Sole power to dispose or direct the disposition: -0-

                   (d) Shared power to dispose or direct the disposition:
                       7,644.5**

         (c) Moon Capital Management LP

              (i) Amount beneficially owned: 590,896.25***

              (ii) Percent of class: 8.5% of outstanding shares of Common Stock

              (iii) Number of shares as to which such person has:

                   (a) Sole power to vote or direct the vote: -0-

                   (b) Shared power to vote or direct the vote: 590,896.25***

                   (c) Sole power to dispose or direct the disposition: -0-

                   (d) Shared power to dispose or direct the disposition:
                       590,896.25***

         (d) JWM Capital LLC

              (i) Amount beneficially owned: 590,896.25***

              (ii) Percent of class: 8.5% of outstanding shares of Common Stock

              (iii) Number of shares as to which such person has:

                   (a) Sole power to vote or direct the vote: -0-

                   (b) Shared power to vote or direct the vote: 590,896.25***

                   (c) Sole power to dispose or direct the disposition: -0-


-------------------
**   Represents 30,578 ADSs.
***  Includes 105,971 shares of Common Stock and 1,939,701 ADSs representing
     484,925.25 shares of Common Stock.




CUSIP NO. 38911N107               SCHEDULE 13D               Page 10 of 12 Pages


                   (d) Shared power to dispose or direct the disposition:
                       590,896.25***

         (e) Mr. John W. Moon

              (i) Amount beneficially owned: 590,896.25***

              (ii) Percent of class: 8.5% of Outstanding shares of Common Stock

              (iii) Number of shares as to which such person has:

                   (a) Sole power to vote or direct the vote: -0-

                   (b) Shared power to vote or direct the vote: 590,896.25***

                   (c) Sole power to dispose or direct the disposition: -0-

                   (d) Shared power to dispose or direct the disposition:
                       590,896.25***

       Section C of Item 5 is hereby supplemented as follows:

       On November 20, 2006 the Master Fund purchased 45 ADSs on the open market
at a price of $5.40 per share.


Item 7.     Material to be Filed as Exhibits.
            --------------------------------

Exhibit 1.    Joint Filing Agreement Pursuant to Rule 13d-1(k) is incorporated
              by reference to Exhibit 1 to Amendment No. 2 to Schedule 13D.

Exhibit 2.    Sharing Agreement dated as of March 28, 2006 between the Reporting
              Persons and the Ramius Entities is incorporated by reference to
              Exhibit 2 to Schedule 13D.

Exhibit 3.    Press Release dated May 24, 2006 is incorporated by reference to
              Exhibit 3 to Amendment No. 2 to Schedule 13D.

Exhibit 4.    Press Release dated June 1, 2006 is incorporated by reference to
              Exhibit 4 to Amendment No. 3 to Schedule 13D.

Exhibit 5.    Press Release dated July 19, 2006 is incorporated by reference to
              Exhibit 5 to Amendment No. 4 to Schedule 13D.

Exhibit 6.    Press Release dated August 22, 2006 is incorporated by reference
              to Exhibit 6 to Amendment No. 6 to Schedule 13D.


-------------------
***  Includes 105,971 shares of Common Stock and 1,939,701 ADSs representing
     484,925.25 shares of Common Stock.




CUSIP NO. 38911N107               SCHEDULE 13D               Page 11 of 12 Pages


Exhibit 7.    Preliminary Proxy Statement in connection with the Extraordinary
              General Meeting of Shareholders of Gravity to be held on December
              26, 2006.

Exhibit 8.    Press Release dated November 20, 2006.





CUSIP NO. 38911N107               SCHEDULE 13D               Page 12 of 12 Pages


                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.



Dated:  November 20, 2006           /s/ John W. Moon
                                     ----------------------------
                                     John W. Moon,
                                     individually and as managing member of
                                     JWM Capital LLC,
                                     for itself and as the general partner of
                                     Moon Capital Management LP,
                                     for itself and as the investment manager of
                                     Moon Capital Master Fund Ltd. and
                                     Moon Capital Leveraged Master Fund Ltd.