On the evening of December 3 local time, South Korean President Yoon Suk-yeol suddenly delivered a televised speech, announcing the implementation of "emergency martial law." Yoon listed several reasons, stating that the opposition party was manipulating the National Assembly and disrupting the country, and expressed his intention to eliminate "anti-state forces" within South Korea.

Subsequently, South Korea's largest opposition party, the Democratic Party, convened an emergency meeting of its lawmakers. Party leader Lee Jae-myung called on the South Korean people to go to the National Assembly to protect it. Reportedly, the majority of South Korean lawmakers and the National Assembly speaker are heading to the National Assembly.

Latest news indicates that after Yoon announced martial law, the roads leading to the South Korean parliament were blocked, preventing lawmakers from entering. Additionally, the South Korean Defense Minister convened a meeting of the country's main commanders; South Korean Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok convened an emergency meeting related to martial law; the head of the South Korean National Police Agency held an emergency meeting with senior officials; and the South Korean Ministry of Foreign Affairs held an emergency meeting to discuss matters related to martial law.

As a result of this news, South Korean assets plummeted across the board. Among them, the Korean won's exchange rate significantly declined, with the dollar rising against the won by 1.4% during the day; South Korea's ETF (EWY) fell more than 1.8% in pre-market trading in the U.S., and South Korean steel manufacturer POSCO's ADR dropped 4.9% in pre-market trading in the U.S.; Samsung Electronics' stock price in London briefly plummeted over 5%. The Korean cryptocurrency market also experienced a collective plunge, with Bitcoin on the South Korean exchange Upbit dropping as much as 30%, down to $66,500, and Ripple plummeting 60%, falling from $2.9 to $1.16.