Original author: TechFlow
On December 3, 2024, South Korean President Yoon Seok-yeol suddenly announced the implementation of emergency martial law. This decision not only shocked the South Korean political arena, but also triggered a serious constitutional crisis.
Of course, as always, cryptocurrency investors were hurt. The price of Bitcoin on Upbit, South Koreas largest trading platform, once plummeted to $65,000.
So, the question is, why did Yoon Seok-yeol suddenly declare martial law?
Yoon Seok-yeols direct reason for declaring martial law was to maintain a free constitutional order, accusing the opposition party of coercing the National Assembly and disrupting the country, and to protect the Republic of Korea from the threat of North Korean communist forces and to eradicate pro-North Korean anti-national forces.
Who is the enemy he is talking about?
That is Yoon Seok-yeol’s lifelong enemy in politics—Lee Jae-myung.
In South Korean politics, the confrontation between Yoon Seok-yeol and Lee Jae-myung has become the most eye-catching political drama in recent years. This feud, which began in the prosecution system, continued to the presidential election, and eventually evolved into judicial accountability, is not only a personal contest between two politicians, but also reflects the deep divisions in South Korean society.
In 2019, Yoon Seok-yeol, then the Attorney General, began a series of investigations into the ruling Democratic Party. Lee Jae-myung, then the governor of Gyeonggi Province, also became one of the targets of the prosecution. This confrontation reached its peak in the 2022 presidential election, and the two engaged in fierce confrontations during the campaign, exposing scandals such as corruption in each others families and spouse issues. In the end, Yoon Seok-yeol won by a narrow margin and entered the Blue House.
Although Lee Jae-myung lost to Yoon Seok-yeol by a narrow margin in the 2022 presidential election, his political influence has not diminished.
The dramatic turn of events in 2023 added fuel to the feud. In March, Lee Jae-myung was indicted on multiple charges, including corruption in urban development, illegal remittances to North Korea, and perjury during the election. In September, he was formally arrested, a move that immediately sparked strong protests from his supporters.
Lee Jae-myungs supporters believe that this is naked political revenge by the Yoon Seok-yeol government. The ruling party insists that this is done in accordance with the law and emphasizes the independence and necessity of the judicial process. The dispute quickly evolved into a national political crisis, setting off waves of demonstrations on the streets of Seoul.
Why does Lee Jae-myung still have a lot of public support despite being embroiled in multiple lawsuits?
We have to talk about Lee Jae-myungs life. His rise can be called the Korean version of the American Dream.
He was born in a poor family, his father was an ordinary miner, and his family was not wealthy. What is more striking is that he did not have a distinguished educational background like most Korean political elites, but successfully passed the lawyer qualification through self-study and made a name for himself in the field of human rights.
Before entering national politics, Lee Jae-myung demonstrated his outstanding governance skills in local government work. While serving as mayor of Seongnam and governor of Gyeonggi Province, he implemented a series of policies that benefited the people and established a good reputation for his political achievements.
In terms of communication, Lee Jae-myung posts his daily updates on Twitter, Youtube, and INS. His language style is straightforward and down-to-earth, effectively combining his personal political views with social hot spots. This way of communication is especially popular among young voters and has helped him break through the stereotypes of traditional politicians.
At this point, do you think of someone? He is also involved in lawsuits but is loved by the public. Yes, it is Trump. Many people compare Lee Jae-myung to Trump of South Korea. As the leader of the Democratic Party, the largest opposition party in South Korea, Lee Jae-myung, who has five criminal cases, is still regarded as a hot candidate for the 2027 South Korean presidential election.
A South Korean media recently published an opinion article titled Can Lee Jae-myung Become Trump?, saying that US President-elect Trump can give Lee Jae-myung some comfort, as the former was embroiled in multiple criminal cases but still won the election. The article pointed out that in modern elections, American voters seem to attach less and less importance to values such as morality and justice, and the same is true in South Korea.
On November 25, Lee Jae-myungs incitement to perjury case was sentenced in the first instance at the Seoul Central District Court in South Korea, and Lee Jae-myung was found not guilty.
On November 23, the weekend before the verdict was announced, supporters of the progressives and conservatives sang against each other near Gwanghwamun in Seoul. The progressives held a rally demanding President Yoon Seok-yeols resignation while the conservatives held a rally demanding the arrest of Lee Jae-myung. The two camps were less than one kilometer apart, and the number of people at the rally exceeded 10,000.
Meanwhile, incumbent President Yoon Seok-yeols approval rating has fallen to just 17%, a record low.
Although the South Korean government has long been questioned by corruption rumors, it is extremely rare for the approval rating to fall below 20%, which shows that the president has almost lost effective control of the government.
On the contrary, after being prosecuted and arrested, Lee Jae-myung not only did not lose public support, but instead gained more sympathy and support because of his discourse of political persecution.
South Korean crypto investor @Yusoff Kim believes that although the official statement mentioned national security as the main reason, many people believe that the move is more to consolidate the presidents own power position in the current crisis.
Regarding Yoon Seok-yeols declaration of martial law, Lee Jae-myung said that President Yoon Seok-yeols illegal declaration of martial law is invalid. From now on, Yoon Seok-yeol is no longer the President of the Republic of Korea. He also called on the South Korean people to go to the National Assembly to protect the National Assembly.
The impact of this political contest goes far beyond personal grudges. It deepened the confrontation between conservatives and progressives in South Korea and exposed many controversial issues in South Koreas democratic system. The conservative Peoples Power Party represented by Yoon Seok-yeol and the progressive Democratic Party led by Lee Jae-myung have fundamental differences in political philosophy and national development path.
Is the current Korean society further divided by this ongoing political dispute? The judicial process of Lee Jae-myungs case is still ongoing, but its political impact has already gone beyond the courtroom and has become a test of South Koreas political civilization and social stability.
