Breaking: Korean Crypto Exchanges Overwhelmed As Martial Law Is Declared

Key Points:

• All South Korean crypto exchanges were temporarily down following President Yoon Suk-yeol’s declaration of martial law.
• The martial law was announced amid accusations of anti-state activities by the opposition-led parliament.
• Upbit reported service suspensions due to a surge in traffic and operational delays.

According to Wu Blockchain, South Korea’s cryptocurrency markets have been plunged into chaos in the wake of a surprise declaration of martial law by President Yoon Suk-yeol.

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All Korean Crypto Exchanges Suspended

Accusing the opposition-run parliament of anti-state activities and claiming sympathies toward North Korea, the announcement has caused huge uncertainty in the nation’s financial world.

Bitcoin briefly dropped to $66,500, while XRP fell to $1.16, though both have started to recover somewhat. In any case, trading across all South Korean crypto exchanges remains severely disrupted, with trading platforms reporting near-total shutdowns.

In a televised statement, President Yoon promised to break up the pro-North Korean forces and protect South Korea‘s constitutional democracy. His announcement came after growing tension in recent days over legislation from opposition parties, which had taken steps against his wife and a bid to remove certain officials. Analysts speculate that the aforementioned development could be a potential reason behind imposing martial law.

Uncertainty Hangs Over South Korean Financial Markets

Specific actions to be taken under martial law are not known, which adds to the uncertainty in many fields. The South Korean crypto exchanges have also suffered a great deal.

Upbit, the largest exchange in South Korea, announced in a statement that all its services, including mobile applications and APIs, have been temporarily shut down due to increased traffic. It is also experiencing operational delays on the platform.