On December 3, 2024, South Korean President Yoon Suk-yeol suddenly announced the implementation of an 'emergency state of martial law,' a decision that not only shocked the Korean political scene but also triggered a serious constitutional crisis.
Of course, the ones hurt are once again the cryptocurrency investors, 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 suddenly declare a state of emergency?
The direct reason for Yoon Suk-yeol's declaration of martial law is to 'maintain the 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-state forces.
Who is the enemy he speaks of?
That is Yoon Suk-yeol's lifelong political rival—Lee Jae-myung.
In Korean politics, the rivalry between Yoon Suk-yeol and Lee Jae-myung has become one of the most prominent political dramas in recent years. This feud, which began in the prosecution system, continued through the presidential election, and ultimately evolved into judicial accountability, is not only a personal struggle between the two political figures but also reflects the deep divisions in Korean society.
In 2019, then-Prosecutor General Yoon Suk-yeol began a series of investigations into the ruling Democratic Party. Lee Jae-myung, who was then the governor of Gyeonggi Province, also became one of the subjects of the prosecution's interest. This confrontation peaked during the 2022 presidential election, where the two engaged in fierce exchanges, exposing each other's family corruption and spouse issues. Ultimately, Yoon Suk-yeol won by a narrow margin and assumed 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 formally arrested, which immediately sparked strong protests from his supporters.
Supporters of Lee Jae-myung believe this is Yoon Suk-yeol's blatant political revenge. However, the ruling party insists that 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 receive significant public support?
It is necessary to talk about Lee Jae-myung's life; his rise can be described as Korea's version of the 'American Dream.'
Coming from a poor background, his father was an ordinary miner and the family was not well-off. More notably, he did not have the distinguished educational background like most Korean political elites, but successfully obtained his 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 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 policies benefiting the public and established a good reputation for his political achievements.
In terms of communication, Lee Jae-myung shares daily updates on Twitter, YouTube, and Instagram, using straightforward and relatable language, effectively combining his political views with social hot topics. This communication style is particularly popular among young voters, helping him break through the stereotypical image of traditional political figures.
Speaking of this, does a certain person come to mind? Someone who, despite being embroiled in lawsuits, enjoys public popularity. That's right, it's Trump. Many people compare Lee Jae-myung to 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 candidate for the 2027 South Korean presidential seat.
Recently, a Korean media outlet published an opinion piece titled 'Can Lee Jae-myung Become Trump?' stating that the elected president Trump in the United States can offer some comfort to Lee Jae-myung, as the former faced multiple criminal cases yet still won. 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 Korea.
On November 25, the first-instance verdict of Lee Jae-myung's 'instigation of perjury' case was announced at the Seoul Central District Court, and Lee Jae-myung was acquitted.
On the weekend before the verdict, on November 23, near Gwanghwamun in Seoul, 'progressive' and 'conservative' supporters staged opposing rallies. The 'progressive' rally demanded 'President Yoon Suk-yeol's resignation,' while the 'conservative' rally called for 'the arrest of Lee Jae-myung,' with both sides' camps less than a kilometer apart, gathering over ten thousand people.
Meanwhile, the approval rating of the current President Yoon Suk-yeol has dropped to only 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 drop below 20%. This indicates that the president has nearly lost effective control over 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 due to the narrative of 'political persecution.'
Korean cryptocurrency investor @Yusoff Kim believes that while the official statement mentions 'national security' as the main reason, many believe this move is more about consolidating the president's power during the current crisis.
In response to President Yoon Suk-yeol's announcement of a state of emergency, Lee Jae-myung stated that Yoon's illegal declaration is invalid. From now on, Yoon Suk-yeol is no longer the President of the Republic of Korea, and he also called on the 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 the country's 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 the current Korean society falling into 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 exceeded the courtroom, becoming a test of Korea's political civilization and social stability.
