On December 3, 2024, South Korean President Yoon Suk-yeol announced the implementation of "emergency martial law," triggering a constitutional crisis and turmoil in the cryptocurrency market. Yoon stated that this move was to "maintain a free constitutional order," accusing the opposition of disrupting the nation and claiming to protect South Korea from the threats posed by North Korean communist forces. Yoon's political rival, Lee Jae-myung, is seen as the main enemy, and their confrontation has become the focal point of South Korean politics.
The feud between Yoon Suk-yeol and Lee Jae-myung began within the prosecution system, continued through the presidential election, and evolved into judicial accountability. In 2019, Yoon launched investigations against the ruling Democratic Party, with Lee becoming a person of interest. In the 2022 presidential election, Yoon narrowly won. In 2023, Lee was prosecuted and arrested on multiple charges, sparking protests from supporters who viewed it as political retaliation.
Lee, with his commoner background and straightforward communication style, has gained support and is seen as a leading candidate for the presidency in 2027. Despite facing legal troubles, he continues to receive significant public backing, akin to the phenomenon of Trump in the United States. Yoon's approval rating has dropped to 17%, while Lee has garnered more sympathy through narratives of "political persecution." South Korean society has become further divided due to this political dispute, testing the nation’s political civility and social stability.

Original Author: Deep Tide TechFlow

On December 3, 2024, South Korean President Yoon Suk-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. As always, cryptocurrency investors bore the brunt of this, with the price of Bitcoin on South Korea's largest trading platform, Upbit, briefly plunging to $65,000. 

So, the question arises, why did Yoon Suk-yeol announce the sudden martial law? The direct reason given by Yoon Suk-yeol for the imposition of martial law was to "maintain the free constitutional order," accusing the opposition of "manipulating the National Assembly and disrupting the country." He aimed to protect the Republic of Korea from the threats posed by North Korean communist forces and to eliminate pro-North Korea anti-state forces. Who is the enemy he speaks of? That is none other than Yoon Suk-yeol's lifelong political rival—Lee Jae-myung. 

In South Korean politics, the rivalry between Yoon Suk-yeol and Lee Jae-myung has become one of the most eye-catching political dramas in recent years. This feud, which began within the prosecutor's office, continued through the presidential election, and ultimately evolved into judicial accountability, is not only a personal struggle between two political figures but also reflects deep societal divisions within South Korea. 

In 2019, then-Prosecutor General Yoon Suk-yeol began a series of investigations into the ruling Democratic Party. At that time, Lee Jae-myung, who was the Governor of Gyeonggi Province, also became one of the targets of the prosecutor's scrutiny. 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 Suk-yeol won by a narrow margin 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 did not diminish as a result. A dramatic twist in 2023 added more fuel to this feud. In March, Lee Jae-myung was indicted on multiple charges, including corruption in urban development, illegal remittance to North Korea, and perjury during the election period. By September, he was formally arrested, which immediately triggered strong protests from his supporters. Those in support of Lee Jae-myung argued that this was a blatant political revenge by the Yoon Suk-yeol government. Meanwhile, the ruling party insisted that this was a matter of law, emphasizing the independence and necessity of judicial procedures. This controversy quickly escalated into a national political crisis, sparking wave after wave of demonstrations on the streets of Seoul. 

Why does Lee Jae-myung, despite being entangled in multiple lawsuits, still earn substantial 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 affluent. What’s more striking is that he did not have a prestigious educational background like most South Korean political elites; instead, he self-studied and successfully obtained a lawyer’s qualification, gaining prominence in the field of human rights. Before entering national politics, Lee Jae-myung demonstrated exceptional governance capabilities while working in local government. During his tenures as the mayor of Seongnam and governor of Gyeonggi Province, he implemented a series of welfare policies, establishing a strong reputation for his governance. 

In terms of communication, Lee Jae-myung uses Twitter, YouTube, and Instagram to share daily updates, employing a straightforward and relatable language style that effectively combines his political positions with societal hot topics. This mode of communication is particularly popular among young voters, allowing him to break through the stereotypical image of traditional political figures. 

At this point, you might think of someone else—someone similarly beset by lawsuits yet beloved by the public. That’s right, it’s Trump. Many people liken 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 viewed as a leading candidate for the 2027 South Korean presidential race. Recently, a South Korean media outlet published an opinion piece titled "Can Lee Jae-myung Become Trump?" suggesting that the election of Trump as president in the U.S. could provide some comfort for Lee Jae-myung, as the former won despite being entangled in multiple criminal cases. The article pointed out that in modern elections, American voters seem to increasingly disregard values such as morality and justice, and the same applies to South Korea. 

On November 25, Lee Jae-myung was acquitted in the "incitement of perjury" case at the Seoul Central District Court. The weekend before the ruling, on November 23, supporters of the "progressive" and "conservative" camps staged opposing rallies near Gwanghwamun in Seoul. The "progressive" rally called for "President Yoon Suk-yeol's resignation," while the "conservative" rally demanded "the arrest of Lee Jae-myung," with both camps separated by less than one kilometer and drawing over ten thousand participants. Meanwhile, President Yoon Suk-yeol's approval rating plummeted to just 17%, marking a historic low. Although the South Korean government has long faced scrutiny due to corruption rumors, it is exceedingly rare for approval ratings to fall below 20%. This indicates that the president has almost lost effective control over the government. In contrast, after being indicted and arrested, Lee Jae-myung not only did not lose public support, but rather gained more sympathy and backing due to the narrative of "political persecution." 

South Korean crypto investor @Yusoff Kim believes that although the official statement cited "national security" as the primary reason, many view this move as more aimed at consolidating the president's power during the current crisis. In response to Yoon Suk-yeol's announcement of martial law, Lee Jae-myung stated that the president's illegal declaration of martial law is void, asserting that from now on, Yoon Suk-yeol is no longer the president of the Republic of Korea, and he called on the South Korean public to go to the National Assembly to protect it. 

The impact of this political struggle goes 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 disagreements regarding political ideology and the path of national development. Is South Korean society currently trapped in deeper divisions due to this ongoing political dispute? The judicial process of Lee Jae-myung's case continues, but its political implications have already transcended the courtroom, becoming a litmus test for South Korea's political civilization and social stability.

Decrypting the South Korean Martial Law: A Political Rivalry That Tears Apart National Consensus

Decrypting the South Korean Martial Law: A Political Rivalry That Tears Apart National Consensus