South Korean Crypto Exchange Upbit Sees Signs of Bottom-Fishing on Martial Law Declaration

Whales made a splash on the South Korean exchange Upbit, swooping in with significant amounts of Tether’s USDT stablecoin to snap up coins at discounted prices after the declaration of martial law led to a flash crash in bitcoin (BTC) and other token prices.

The large traders transferred over $163 million in USDT to Upbit within an hour of President Yoon Suuk Yeol declaring emergency martial law, according to data tracked by blockchain sleuth Lookonchain. The president accused the opposition of siding with North Korea and undermining the nation’s constitutional order.

USDT, the world’s leading dollar-pegged stablecoin, is commonly used for cryptocurrency purchases. The influx hints at a wave of bargain-hunting among traders.

“Many whales transferred large amounts of USDT to Upbit, likely aiming for bottom-fishing opportunities,” Lookonchain said on X.

BTC fell as low as $63,000 on Upbit after the martial law announcement and has since recovered to trade near $94,000, still at a slight discount to the global average $95,800, according to data source TradingView.

The emergency may trigger concern of censorship, driving more investors toward seizure-resistant assets like BTC.