On December 3, 2024, South Korean President Yoon Suk-yeol suddenly announced the implementation of "emergency martial law," a decision that shocked the South Korean political scene and triggered a serious constitutional crisis.
Of course, cryptocurrency investors are once again the injured parties, as the price of Bitcoin on South Korea's largest trading platform, Upbit, briefly plummeted to $65,000.
So, the question arises, why did Yoon Suk-yeol announce sudden martial law?
The direct reason for Yoon Suk-yeol's declaration of martial law is to 'maintain a free constitutional order,' accusing the opposition of 'hijacking the National Assembly and disrupting the nation,' aiming to protect the Republic of Korea from the threat of North Korean communist forces and eliminate pro-North anti-national forces.
Who is the enemy he speaks of?
That would be Yoon Suk-yeol's lifelong political rival — Lee Jae-myung.
In the South Korean political landscape, the confrontation between Yoon Suk-yeol and Lee Jae-myung has become one of the most prominent political dramas in recent years. This feud, which began with the prosecution system, continued to the presidential election, and ultimately evolved into judicial accountability, reflects not only the personal rivalry between the two political figures but also the deep divisions in South Korean society.
In 2019, then-Prosecutor General Yoon Suk-yeol began a series of investigations into the ruling Democratic Party. At that time, Lee Jae-myung, then the governor of Gyeonggi Province, also became one of the targets of the prosecution's focus. This confrontation peaked during the 2022 presidential election, where the two engaged in fierce exchanges, exposing each other's family corruption and spousal issues. Ultimately, Yoon Suk-yeol narrowly won and took office at the Blue House.
Although Lee Jae-myung narrowly lost to Yoon Suk-yeol in the 2022 presidential election, his political influence has not diminished.
The dramatic turn of events in 2023 added more fuel to this 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 period. By September, he was officially arrested, which immediately sparked strong protests from his supporters.
Lee Jae-myung's supporters believe this is Yoon Suk-yeol's blatant political retaliation. The ruling party insists this is a lawful process, emphasizing the independence and necessity of judicial procedures. This controversy quickly evolved into a nationwide political crisis, sparking waves of protests on the streets of Seoul.
Why does Lee Jae-myung, despite facing multiple lawsuits, still gain significant public support?
It is necessary to talk about Lee Jae-myung's life story; his rise can be described as South Korea's version of the "American Dream."
Coming from a poor background, his father was an ordinary miner, and the family was not wealthy. More notably, he did not possess a prominent educational background like most South Korean political elites, but instead succeeded in passing the bar exam through self-study and emerged in the field of human rights.
Before entering the national political arena, Lee Jae-myung demonstrated outstanding governance capabilities while working in local government. During his tenures as the mayor of Seongnam and the governor of Gyeonggi Province, he implemented a series of welfare policies and established a good reputation for his achievements.
In terms of communication, Lee Jae-myung shares daily updates on Twitter, YouTube, and Instagram, utilizing straightforward and relatable language to effectively combine personal political views with social hot topics. This communication style is particularly welcomed by young voters, helping him break through the stereotype of traditional politicians.
Speaking of this, does a certain person come to mind? Someone similarly embroiled in legal troubles yet beloved by the public. That's right, it's Trump. Many compare Lee Jae-myung to South Korea's Trump, as the leader of the largest opposition party, the Democratic Party, Lee Jae-myung, who is burdened with five criminal cases, is still seen as a strong contender for the South Korean presidency in 2027.
Recently, a South Korean media outlet published an opinion article titled (Can Lee Jae-myung Become Trump?), claiming that the elected President Trump could offer some consolation to Lee Jae-myung, as the former was embroiled in multiple criminal cases yet still won the election. The article pointed out that in modern elections, American voters seem to increasingly disregard values like morality and justice, which is also the case in South Korea.
On November 25, Lee Jae-myung was acquitted in the 'incitement to perjury' case at the Seoul Central District Court.
On the weekend before the verdict, on November 23, near Gwanghwamun in Seoul, supporters of the 'progressive faction' and the 'conservative faction' staged opposing rallies. The 'progressives' demanded 'President Yoon Suk-yeol resign,' while the 'conservatives' called for 'the arrest of Lee Jae-myung,' with the two camps less than a kilometer apart and gathering over ten thousand participants.
Meanwhile, the current president, Yoon Suk-yeol's approval rating has fallen to just 17%, setting a historical low.
Although the South Korean government has long been questioned due to corruption rumors, it is extremely rare for approval ratings to fall below 20%. This indicates that the president has almost lost effective control over the government.
On the contrary, after being indicted and arrested, Lee Jae-myung not only did not lose public support but instead gained more sympathy and support due to the narrative of 'political persecution.'
South Korean crypto investor @Yusoff Kim believes that while the official statement cites "national security" as the main reason, many believe this move is more about consolidating the president's power amid the current crisis.
In response to President Yoon Suk-yeol's announcement of martial law, Lee Jae-myung stated that Yoon's illegal declaration of martial law is invalid, and from now on, Yoon is no longer the President of the Republic of Korea. He also called on the Korean public to go to the National Assembly to protect it.
The impact of this political struggle extends far beyond personal grievances. It deepens the divide between South Korea's conservative and progressive factions and exposes many controversial issues within the South Korean democratic system. The conservative People Power Party, represented by Yoon Suk-yeol, and the progressive Democratic Party led by Lee Jae-myung have fundamental differences in political ideology and national development paths.
Is South Korean society currently trapped in a deeper division due to this ongoing political dispute? The judicial process of the Lee Jae-myung case is still ongoing, but its political impact has already surpassed the courtroom, becoming a litmus test for South Korea's political civility and social stability.
