On the Night of Martial Law Declaration, 1.1 Million Flocked to Cryptocurrency Exchanges

The reason for the temporary access disruption at cryptocurrency exchanges during President Yoon Suk-yeol's martial law declaration on December 3rd last year has been revealed. It was found that as many as 1.1 million investors flocked to the exchanges.

According to the industry on the 9th, the Financial Supervisory Service inspected the access disruptions that occurred at cryptocurrency exchanges during the martial law. It was found that user access surged immediately after the martial law declaration, exceeding the system capacity of each exchange.

Specifically, the number of simultaneous users at major exchanges surged up to 11 times the usual level. Normally, about 50,000 to 100,000 users accessed major exchanges simultaneously, but after the martial law, it increased to 500,000 to 1.1 million. On that day, the number of simultaneous users at each exchange far exceeded the maximum capacity. As a result, temporary access disruptions occurred at exchanges like Upbit (99 minutes), Bithumb (62 minutes), and Coinone (40 minutes).

It is interpreted that investors flocked due to the rapid rise in cryptocurrency prices on that day. Bitcoin (BTC) on Upbit plummeted to the 88 million won range after the martial law declaration.