Source: C Labs Encryption Observation

The whole story is as follows:

South Korean President Yin Xiyue suddenly announced that the country has entered a state of martial law, and emphasized in a TV speech that the purpose of this move In "protecting a free South Korea, resisting threats from North Korean (North Korean) forces, and eliminating counter-forces from the North (pro-North Korean)".

The full text of the martial law order is as follows:

1. All activities, including parliament, local councils and political parties, organizations, assemblies and demonstrations are prohibited;

2. All actions that deny or attempt to overthrow the liberal democratic system are prohibited, as well as fake news, manipulation of public opinion and false propaganda;

3. All media and publications must be subject to the control of the Martial Law Command ;

4. Strikes, work stoppages, and assemblies that incite social unrest are prohibited;

5. All medical personnel who are on strike or leave the medical field, including trainee doctors, must return to work within 48 hours and be loyal to their duties. Violators will be punished in accordance with martial law;

6. Except for counter-revolutionary forces and other subversive forces, the daily lives of innocent ordinary citizens may be subject to minimal inconvenience caused by relevant measures.

You know, the last time South Korea issued martial law was in 1979 when President Park Chung-hee was assassinated.

After the promulgation of martial law at that time, it was very exciting:

First, as a major general, Quan Douhuan launched the 1212 coup that year and killed Other military leaders took over the military power.

Then there was an undercurrent of democrats, which finally triggered the Gwangju Incident in 1980, when the army massacred protesting citizens.

Then Chun Doo-hwan forced the acting president to resign within a year of promulgating martial law and became the president of South Korea~

But this time The martial law order personally initiated by the President of South Korea did not last so long:

The South Korean Congress held an emergency plenary meeting in the early morning of the 4th and voted on "lifting the martial law order." 190 members attended the meeting and voted in favor. South Korea’s National Assembly Speaker Woo Won-sik subsequently declared the emergency martial law invalid.

This time around martial law, it is said that at the beginning the army also obeyed the president's order and wanted to occupy the Congress.

However, due to the obstruction of the citizens, the army finally withdrew from the Congress under pressure.

Visually, Yin Xiyue is going to be in trouble~

This coup has screwed up the users of South Korea’s crypto exchange, the largest local exchange in South Korea. "Upbit" Bitcoin price plummeted 50%, once falling to 6 More than 10,000 U.S. dollars:

At the same time, the price of the world's mainstream offshore exchanges has almost no fluctuations and has remained above 90,000 U.S. dollars:

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This incident once again surfaced, encryption still needs to go to the centerchange.

Talking back to the reasons for martial law in South Korea, the BBC said:

Yin Xiyue has been facing difficulties in governing since he took office in 2022. He is in the minority in Congress and cannot push for it. Instead, he has repeatedly vetoed bills led by the opposition party.

Recently, the opposition party has cut its proposed budget and pushed for impeachment investigations into its cabinet members, including a special investigation into Mrs. Yin Xiyue's alleged corruption.

Analysts believe that martial law is Yin Xiyue's "nuclear option" in the face of crisis.