News

South Korea's crypto exchanges reported a staggering trading volume exceeding $34 billion in just 24 hours, coinciding with the brief declaration of emergency martial law by President Yoon Suk-yeol.

The martial law, aimed at addressing perceived threats to democracy from “anti-state” forces, was in effect for only six hours before being rescinded due to overwhelming opposition from lawmakers.

During this period, major local exchanges, including Upbit, Bithumb and Coinone, experienced significant trading activity. Upbit, the largest exchange in the country, processed approximately $27.25 billion in transactions alone.

This spike in volume nearly doubled the previous record of $18 billion set just one day prior, which had already outpaced the daily trading volume of the local stock market.

The announcement of martial law prompted a rush among traders to sell their cryptocurrencies, leading to notable price declines. Bitcoin's value on Upbit fell to 88 million won (about $62,182) at one point, with many other cryptocurrencies experiencing similar drops. The trading spike led to service outages on several platforms.

The swift response from lawmakers culminated in a unanimous vote against the martial law shortly after its declaration at 1:00 a.m. on Wednesday. This prompted President Yoon to call off the enforcement, averting a prolonged crisis.

In the aftermath, South Korea's opposition party announced plans to file treason charges against President Yoon and key cabinet members, including the Minister of Defense and the Minister of the Interior and Safety.

Additionally, betting odds on the decentralized platform Polymarket regarding Yoon's potential resignation saw fluctuations, peaking at 78% before settling at 47%.