Korea's 3/12 Approaches, Mainstream Cryptocurrency Flash Crashes 50% | Real-Time Updates
On the evening of December 3, affected by the martial law order issued by South Korean President Yoon Suk-yeol, the mainstream South Korean cryptocurrency exchange Upbit experienced a flash crash, causing severe negative price dislocation in many trading pairs. During the incident, the price of BTC briefly dropped below $70,000, and DOGE experienced a flash crash of over 50%. Additionally, so-called "meme coins" such as XRP, HBAR, XLM, which had recently seen significant price surges, also saw a massive retracement, once again staging a "local 312." The overall cryptocurrency market also experienced a downturn due to the Upbit flash crash.
The significant negative price dislocation also provided a rare opportunity for arbitrage traders, with many traders with Korean KYC swiftly entering the battlefield. However, according to feedback from some community members, the Upbit South Korea main site has experienced downtime, but users can still engage in arbitrage trading through gateways in other regions like Indonesia. Upbit's official statement later mentioned that the website experienced a trading interruption due to a surge in trading volume.

BlockBeats notes that this event is still unfolding, and the following is a follow-up report on the relevant information:
12-03 22:46
Korean crypto influencer Joseph Young posted, "The Korean president has declared martial law. He said that if you go out after 11 PM, you will be inspected, and if deemed suspicious, you will be arrested.
My friends are facing trading difficulties on all Korean centralized exchanges (CEXs) now. Tomorrow will be interesting; let's wait and see. Currently, no one knows why martial law was declared (neither major political party has made a statement)."
12-03 22:35
Bank of Korea Official: Will take necessary steps to stabilize the market if needed
BlockBeats news, on December 3, a Bank of Korea official stated that if necessary, they are prepared to take comprehensive measures to stabilize the market and will release information after the meeting. (Jinshi)
12-03 22:33
US Stock Market Opening, Cryptocurrency-related Stocks Experience General Decline
Not only cryptocurrency was affected, but the stocks in the crypto sector also did not come out unscathed. At the U.S. stock market open, the Dow rose 0.22%, the S&P 500 was flat, and the Nasdaq fell 0.23%. MicroStrategy dropped 3.23%, Coinbase fell 1.21%, Riot Platforms declined 2.29%.
12-03 22:31
South Korean Military: Activities of Parliament and Political Parties Banned
According to Yonhap News Agency: The South Korean military stated that the activities of parliament and political parties have been banned. Earlier, a spokesperson for the South Korean Ministry of Finance stated that the South Korean Finance Minister would convene a meeting of senior economic officials at 11:40 p.m. KST (10:40 p.m. Beijing time).
12-03 22:29
Conflict erupted in front of the South Korean National Assembly as a crowd trying to enter parliament confronted police. (FX678)
12-03 22:25
South Korean Defense Minister Proposes Enforcing Martial Law to President Yoon Suk-yeol
According to Yonhap News Agency, South Korean Defense Minister proposed enforcing martial law to President Yoon Suk-yeol.
12-03 22:20
Bithumb Experiences Access Delays Due to Surge in Traffic
South Korean cryptocurrency exchange Bithumb announced that it is experiencing delays on its mobile network, application, and PC platform due to increased user traffic, and the company is taking emergency measures.
12-03 22:18
Upbit Platform Faces Trading Interruption
According to market news, the UPBIT platform experienced trading interruption due to increased traffic.
12-03 22:15
The leader of South Korea's largest opposition party, Lee In-myoung, stated that the parliament will attempt to lift the martial law imposed by South Korean President Yoon Suk-yeol, but the military may try to arrest congress members. Yonhap News Agency reported that after the president declared martial law, the road to the South Korean parliament was blocked, and lawmakers were unable to enter.
12-03 22:14
South Korean President: "Emergency Martial Law" Will Eradicate Domestic "Anti-National Forces"
South Korean President Yoon Suk-yeol suddenly delivered a televised speech tonight, announcing the implementation of "emergency martial law." Yoon listed several reasons, stating that the opposition party was manipulating the parliament, disrupting the country, and that the measure aims to eradicate domestic "anti-national forces" in South Korea. Specific martial law measures are currently unknown.
Analysts believe that the recent series of legislation by South Korea's opposition party targeting the president's wife and the impeachment of public officials such as prosecutors may have been the trigger for Yoon Suk-yeol's declaration of "emergency martial law." (Golden Finance)
12-03 22:13
South Korean Won Continues to Decline Against the US Dollar
The South Korean won continues to decline against the US dollar, reaching a new two-year low at one point. (Golden Finance)
12-03 22:11
Upbit Platform's Altcoin Market Experienced a "Flash Crash"
Accompanying a "price spike" in Bitcoin on the Upbit platform to $71,814, various altcoin prices on the platform experienced a "flash crash" at one point. The situation has now largely returned to normal.
XRP dropped to $1.3 and is currently trading at $2.6;
ETH dropped to $2,712, currently priced at $3,554;
SOL dropped to $134, currently priced at $222.
12-03 22:07
Upbit's USDC/USDT Pair Rises to 1.2
Upbit's USDC/USDT exchange rate pair has risen to 1.2.
12-03 22:04
Bitcoin Price on Upbit Once 'Needle Dropped' to $71,814
Bitcoin's price on Upbit once 'needle dropped' to $71,814 and has now rebounded to $92,658.13.
12-03 22:01
Upbit's Bitcoin Experiences Severe Negative Premium, Priced at $89,500
Possibly affected by South Korean President Yoon Suk-yeol's announcement of martial law, Upbit's Bitcoin is experiencing a severe negative premium priced at $89,500.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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