Original author: Shenchao TechFlow
On December 3, 2024, South Korean President Yoon Seok-youl suddenly announced the implementation of 'emergency martial law.' This decision not only shocked South Korean politics but also triggered a severe constitutional crisis.
Of course, once again, cryptocurrency investors are the ones who are hurting, as the price of Bitcoin on South Korea's largest trading platform, Upbit, briefly dropped to $65,000.
So, the question arises, why did Yoon Seok-youl suddenly announce martial law?
The immediate reason for Yoon Seok-youl's announcement of martial law is to 'maintain the free constitutional order,' accusing the opposition of 'hijacking the National Assembly and disrupting the country,' aiming to protect the Republic of Korea from the threat of North Korean communist forces and eliminate pro-North anti-state forces.
Who is the enemy he speaks of?
That is Yoon Seok-youl's lifelong political rival - Lee Jae-myung.
In South Korean politics, the rivalry between Yoon Seok-youl and Lee Jae-myung has become the most eye-catching political drama in recent years. This feud, which began within the prosecution system, continued through the presidential election, and ultimately evolved into judicial accountability, is not only a personal contest between two political figures but also reflects the deep divisions in South Korean society.
In 2019, then Attorney General Yoon Seok-youl began a series of investigations against the ruling Democratic Party. Lee Jae-myung, who was then the Governor of Gyeonggi Province, also became one of the targets of the prosecution. This confrontation peaked during the 2022 presidential election, where the two engaged in fierce clashes, exposing each other's family corruption and spouse issues. Ultimately, Yoon Seok-youl won by a narrow margin and took office at the Blue House.
Although Lee Jae-myung lost to Yoon Seok-youl by a narrow margin 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 prosecuted on multiple charges, including corruption in urban development, illegal remittances to North Korea, and perjury during the election period. By September, he was formally arrested, which immediately triggered strong protests from his supporters.
Supporters of Lee Jae-myung believe that this is Yoon Seok-youl's blatant political revenge. The ruling party insists that it is acting according to the law, emphasizing the independence and necessity of judicial procedures. This controversy quickly evolved into a national political crisis, sparking waves of protests in the streets of Seoul.
Why does Lee Jae-myung, despite multiple legal troubles, still gain massive public support?
It's necessary to mention Lee Jae-myung's life; his rise can be described as South Korea's version of the 'American Dream.'
Born into a poor family, his father was an ordinary miner, and the family was not well-off. What is more remarkable is that he did not have a prominent educational background like most South Korean political elites; instead, he successfully obtained a lawyer's qualification through self-study and made a name for himself in the field of human rights.
Before entering the national political arena, Lee Jae-myung demonstrated exceptional governance capabilities while working in local government. During his tenure as mayor of Seongnam and Governor of Gyeonggi Province, he implemented a series of welfare policies, establishing a strong reputation for his achievements.
In terms of communication, Lee Jae-myung posts daily updates on Twitter, YouTube, and Instagram, with a straightforward and relatable style, effectively combining his political views with social hot topics. This communication method is particularly popular among young voters, helping him break through the stereotypical image of traditional politicians.
Speaking of which, does one person come to mind? Someone who is also embroiled in legal troubles but is loved by the public. That's right, it's Trump. Many people compare Lee Jae-myung to South Korea's Trump. As the leader of South Korea's largest opposition party, the Democratic Party, Lee Jae-myung, who is facing five criminal cases, is still seen as a strong candidate for the South Korean presidency in 2027.
Recently, a South Korean media outlet published an opinion piece titled 'Can Lee Jae-myung Become Trump?' suggesting that the elected President Trump could provide some comfort to Lee Jae-myung, as the former is also 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 such as morality and justice, which is also true in South Korea.
On November 25, Lee Jae-myung was acquitted in the first trial of the 'instigation of perjury' case at the Seoul Central District Court.
On the weekend before the verdict, on November 23, supporters of 'progressives' and 'conservatives' staged opposing rallies near Gwanghwamun in Seoul. The 'progressives' demanded 'President Yoon Seok-youl's resignation,' while 'conservatives' called for 'the arrest of Lee Jae-myung.' The two camps were less than a kilometer apart, with over ten thousand attendees from both sides.
Meanwhile, current President Yoon Seok-youl's approval rating has plummeted to just 17%, a historic low.
Although the South Korean government has long been questioned due to corruption rumors, it is extremely rare for approval ratings to drop below 20%. This indicates that the president has almost lost effective control over the government.
In contrast, after being prosecuted and arrested, Lee Jae-myung not only did not lose public support but instead gained more sympathy and support due to his narrative of 'political persecution.'
A South Korean cryptocurrency investor, @Yusoff Kim, believes that although the official statement mentioned 'national security' as the main reason, many people think this move is more about consolidating the president's power in the current crisis.
In response to Yoon Seok-youl's announcement of martial law, Lee Jae-myung stated that President Yoon's illegal announcement of martial law is invalid, and from now on, Yoon Seok-youl is no longer the President of the Republic of Korea. He also urged the South Korean people 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 South Korea's democratic system. The conservative People Power Party represented by Yoon Seok-youl 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 experiencing deeper divisions due to this ongoing political dispute? The judicial process of the Lee Jae-myung case is still ongoing, but its political impact has already exceeded the courtroom, becoming a litmus test for South Korea's political civilization and social stability.