• North Korea has called South Korea a 'fascistic dictatorship' after its short-lived martial law.
• South Korea has democratic elections, while Kim Jong Un exerts near-total control over North Korea.
• An article in North Korean state media also referred to South Korea's president as a "puppet."

North Korea has called South Korea a dictatorship after the latter's short-lived attempt at martial law.

Last week, South Korea's president, Yoon Suk-yeol, declared martial law in the country in a surprise announcement, citing the need to eliminate "anti-state" forces.

The unexpected decision was met with widespread protests, and hours later South Korea's parliament voted down the measure. Yoon's government quickly rescinded it.

In an article published by North Korea's state-run KCNA news agency on Wednesday, the situation in South Korea was characterized as "pandemonium."

It referred to Yoon as a "puppet" who proclaimed martial law "in a bid to escape from the worst ruling crisis."

Kim Jong Un exerts near-total control over North Korea's population, using extensive surveillance, state-run media, suppressing dissent, and offering no real choice in elections.

The article also criticized South Korea as a "fascist dictatorship," which it said was under the watch of the international community.

In reality, North Korea is widely regarded as a global pariah due to Kim's authoritarian governance, whereas South Korea is recognized as a democratic nation.

According to Freedom House's Freedom in the World rankings, South Korea scores 83 out of 100. In contrast, North Korea scores just 3 out of 100 and is designated "not free."

Martial law is no longer in place in South Korea, and Yoon is now under investigation for treason, with a travel ban preventing him from leaving the country.

But over the weekend an attempt to impeach Yoon narrowly failed after many lawmakers from his ruling People Power Party boycotted the vote. The main opposition party is expected to continue its impeachment efforts.

During the political chaos that rocked South Korea last week, there were concerns that North Korea might exploit the turmoil, using a moment of weakness to its advantage.

Business Insider reported that this could take the form of propaganda designed to erode trust in democracy in South Korea.

• South Korea's President Yoon faces likely impeachment after a "botched coup" attempt, TS Lombard said.
• The firm predicts a new election could boost South Korea's economy and lead to friendlier relations with China.
• A Democratic People's Party win may also increase fiscal spending and improve GDP growth, TS Lombard said.

A knock-on effect of South Korea President Yoon Suk-yeol's "botched coup" attempt earlier this week could be a stronger economy, according to GlobalData TS Lombard.

In a Wednesday note, research analyst Rory Green said the martial law episode that unraveled earlier this week suggests President Yoon will be impeached and replaced soon.

"We think Yoon's position is untenable: impeachment (if not this week then soon) followed by fresh presidential elections is highly likely," Green said

President Yoon is on track to be the least popular president in Korean history, according to data from Gallup, cited by Green.

If Green's prediction proves accurate, the center-left Democratic People's Party (DPP) will likely field a presidential candidate who would win an imminent election.

And that could usher in a new wave of economic growth for South Korea, in part driven by the potential for friendlier relations between South Korea and China.

"A DPP president would increase fiscal expenditure boosting H2/25 activity and likely tilt foreign policy towards closer ties with Beijing and Pyongyang," Green explained.

Green said there is headroom for South Korea's economy to grow from its current GDP rate of an estimated 2.2%, which is below its average post-pandemic growth rate of 2.75%.

"A relatively quick political resolution would enable an emergency budget. More expansive fiscal spending in conjunction with another 50bps of policy rate cuts in H1/25 nudges up our GDP forecast to 2.1%," Green said.

Alternatively, Green said South Korea's economic growth rate would nudge lower if a presidential election is delayed past April.

According to the note, South Korea's parliament needs just nine more votes to secure the president's impeachment, assuming all 192 members of President Yoon's opposition party vote for impeachment.

• South Korea's president, Yoon Suk Yeol, declared martial law in a televised address on Tuesday.
• Lee Jae-myung of the liberal Democratic Party told CNN he thought it was a digital fake.
• Lee went viral after livestreaming himself climbing a fence to get to the National Assembly.

Lee Jae-myung, South Korea's main opposition leader, initially thought the president's martial law declaration was a deepfake.

"I was lying in bed with my wife in our home … when my wife suddenly showed me a YouTube video and said, 'The president is declaring martial law,'" Lee Jae-myung told CNN.

Lee said he was convinced it was a digitally manipulated video.

"I replied, 'That's a deepfake. It has to be a deepfake. There's no way that's real,'" he added.

South Korean President Yoon Suk Yeol shocked the world on Tuesday when he announced he was imposing martial law during a late-night address.

The decree, which enabled temporary military control and the suspension of civilian government activities and civil liberties, was the first since the country's democratization in 1987.

Yoon said the declaration was necessary to prevent subversion by North Korea, South Korea's longtime enemy, but it's likely he was seeking to quash domestic opposition and bolster his power.

He backpedaled six hours later, after the streets were filled with protesters. The decree was voted against by MPs who had to cross barricades and climb walls to make it into the National Assembly.

Lee went viral on social media for livestreaming himself climbing over a fence to the National Assembly building so he could vote against the decree. He described Yoon's move as unconstitutional.

Calls for the president's resignation are growing. According to the Yonhap news agency, all six opposition parties filed an impeachment motion on Wednesday, with a vote set for Friday or Saturday.

Yoon came to power in 2022, narrowly defeating Lee in the most closely contested presidential election in South Korean history.

Since then, his presidency has been riddled with controversy and low approval ratings.

Several senior government figures, including the defense minister, have resigned from their posts.

In the immediate aftermath, the South Korean won plunged as much as 3% relative to the US dollar.

• South Korea's president, Yoon Suk-yeol, declared martial law late on Tuesday in a surprise announcement.
• It sparked a night of urgency in Seoul as lawmakers, troops, and protesters raced to parliament.
• Here's what unfolded over the crucial six hours that squashed Yoon's move.

South Korea's president, Yoon Suk-yeol, shocked the nation on Tuesday evening by declaring martial law.

The measure, voted down unanimously by parliament hours later, plunged Seoul into a night of confusion.

The National Assembly building became the epicenter of the early morning's dramatic events, as lawmakers raced to reverse Yoon's decision, military forces tried to enforce martial law, and thousands of residents arrived in protest.

Just before dawn, Yoon rescinded his declaration of martial law, returning rule to the civilian government.

Here's how Yoon's night of short-lived martial law transpired.

10:27 p.m. — Yoon declares martial law

Yoon, a conservative leader who narrowly won the 2022 election, announced his decision in an unannounced broadcast on live TV.

He accused opposition parties of trying to take parliament hostage, saying he was removing pro-North Korean forces in the country.

"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order," he said.

Yoon has been struggling to pass laws because his party's main rival, the Democratic Party, secured a majority in parliament during the legislative elections in April.

South Koreans react with confusion

In the entertainment district of Hongdae, 29-year-old Kim Hongmin was watching the news with his friends.

"It felt unreal. Martial law was something I had only studied as part of Korea's historical events, I never imagined I would actually experience it myself," Kim, a freelance English translator, told Business Insider.

The last time martial law was declared in South Korea was in 1980, when a military dictatorship took over.

10:45 p.m. — Parliament leaders denounce the decision

In an early blow to Yoon's declaration, the leader of his own party, Han Dong-hoon, quickly told local media that the move was "wrong."

"We will block it together with the people," Han said, per the Yonhap news agency.

Yonhap also reported that the opposition leader, Lee Jae-Myung, said Yoon had declared martial law "illegally and unconstitutionally against the people."

10:50 p.m. — Parliament mobilizes to stop Yoon

Both parties issued summons to their members, telling them to convene for an emergency vote.

Lee, who runs the Democratic Party, live-streamed himself on the way to the National Assembly, urging people to protest outside the building.

"Tanks, armored vehicles, and soldiers with guns and swords will rule this country," he said.

In Hongdae, Kim and his friends decided to heed the call to protest, driving to Yeouido, where the National Assembly is located.

"I didn't know what I could do, but I just felt that I had to be there," he told BI. Thousands of others would also make their way to the complex.

11 p.m. — Martial law takes effect

The race was on. Lawmakers were trying to vote quickly against Yoon's decision.

With martial law in action, troops would move to seize control of all political mechanisms.

Photos show that police began to set up a perimeter at the National Assembly building. Protesters started arriving.

The speaker of parliament, Woo Won-shik, said lawmakers would open a session as soon as enough of them were present to hold a vote — 150 assembly members.

11:15 p.m. — Lawmakers jump fences and walls to get inside

The politicians, including Woo, rushed to the National Assembly building. Some had to navigate barricades as protesters shouted for officers to let them through.

Kim, the translator, said that when he arrived, he filmed aides and journalists climbing over fences.

"It turned out that all entrances to the National Assembly were blocked by the police," he said.

Lee, the opposition leader who had been live-streaming his journey to the complex, ended his broadcast after hopping a fence and arriving at his office.

At about 11:40 p.m., veteran lawmaker Park Jie-won wrote on social media that over 100 opposition members had already gathered.

11:45 p.m. — Crowds assemble outside parliament premises

Protesters started to throng the streets outside the National Assembly complex.

"I began shouting: 'Abolish martial law!' It was the only thing I could do," Kim said. "Others joined in and were chanting the same."

Park Minjun, a 27-year-old graduate student who was present, told BI that there seemed to be no central leadership among the crowds.

Those who arrived first were party members and unionists, he said. Other civilians and families would join them in the cold, but only about an hour later.

Before midnight — News emerges that Yoon appointed his martial law commander

Meanwhile, South Korean media broke the news that Yoon had appointed Park An-soo, the army's chief of staff and a four-star general, as the commander overseeing martial law.

Park laid out a series of rules, including full state control of the press, the banning of worker strikes, and the prohibition of rallies.

Notably, he declared that any activities of the National Assembly would have to cease.

12 a.m. — Martial law forces reach the complex

As the National Assembly started to meet its quorum requirement, the first of the martial law forces arrived outside. Three helicopters unloaded armed teams with tactical gear.

Watching the troops pour out of their choppers, Kim recalled the last time martial law had been declared, when soldiers massacred protesters in the Gwangju uprising four decades ago.

"Would the tragic history of soldiers shooting civilians repeat itself?" he said.

A small crowd of protesters and aides had pushed into the complex and stationed themselves at the main entrance of the parliament building.

Scuffling with the arriving military teams, they stalled these forces from entering the main hall for some time.

12:30 a.m. — Troops clash inside the building

Eventually, the troops broke into the building via glass windows. But they were soon met by parliamentary aides, who had blocked corridors to the main voting hall with chairs and desks.

In one tense encounter, a civilian tried to drive back military forces by spraying a fire extinguisher.

Within the voting hall, politicians called for the count to start immediately, but Woo insisted they would follow procedure.

12:45 a.m. — Korean currency dives to its lowest in years

The Korean won began to plunge as soon as Yoon declared martial law and now had reached its weakest, at about 1,442 against the US dollar.

12:48 a.m. — Lawmakers vote to lift martial law

Led by Woo, the National Assembly officially began the vote on reversing martial law. At that time, 190 of the assembly's 300 members were present.

In less than a minute, every single person voted to rescind Yoon's declaration.

From the count, it's clear that those who voted to strike down Yoon's decision included more than just the opposition — which has 175 seats.

1 a.m. — Troops leave the building

Heckled by aides and protesters, the troops departed the building almost immediately after the measure passed.

Almost immediately after the vote, the won recovered to about 1,420 against the dollar, or about 1.4% weaker than Tuesday.

1:10 a.m. — Protesters linger

Kim said that as news of the successful vote reached the protesters, cheers broke out among the crowd.

"I was conflicted, but I saw hope," he said. He and some 4,000 other protesters, including Park, stayed outside out of fear martial law would still continue.

4:26 a.m. — Yoon relents

Six hours after his shock announcement, Yoon acceded to the National Assembly's vote and declared an end to martial law.

4:40 a.m. — Martial law is lifted and troops withdraw

Yoon's martial law was officially rescinded by an emergency Cabinet meeting, and dispatched forces returned to their bases.

With the threat of martial law receding, protesters like Kim and Park decided to return home.

8 a.m. — South Koreans wake up to an uncertain future

For many Seoul residents like Lee Tae-hoon, news of martial law — declared and then rescinded — arrived only in the morning.

Lee, a 28-year-old researcher at a university, said he relies on his friends to get his news and he woke up to texts about what transpired the night before.

"After today, I'll probably take voting more seriously," Lee told BI. He did not vote in the last election, which Yoon won.

Despite the reckoning the country just faced, Lee said life had moved on quickly. He received a text from his boss not to show up to work, but said he was on deadline for a project and clocked in anyway.

"It looks like everyone came to work as normal, seeing that the carpark was full," Lee said.

What happens next?

"It is not clear what Yoon was trying to achieve," said Ellen Kim, a senior fellow at the Korea Chair for the Center for Strategic and International Studies, with regard to Yoon's decision to implement martial law.

"He may have thought he did not have much choice to break the political paralysis of his government created by the opposition parties that hold a majority in the National Assembly," she told BI.

The president now faces motions of impeachment filed by the opposition. His party leader, Han, urged that the defense minister also be removed over reports that the latter suggested the idea of martial law to Yoon.

Several senior aides to the president have also offered to resign, per South Korean media.

Kim, the CSIS fellow, said Seoul is already in a tense position internationally, with North Korea engaging in the Ukraine war and with Donald Trump soon taking the US presidency.

"The political vacuum created by Yoon's departure will create a huge political instability in South Korea," she said of the possibility that Yoon steps down.

Meanwhile, protesters like Kim, the translator, say they're not done. Kim is joining a protest at Gwanghwamun on Wednesday evening and Saturday to call for Yoon's impeachment. Counter-protesters have also taken to the streets to defend Yoon.

Seoul's younger generation, Kim said, has lived through tragedies like the Itaewon Halloween crowd crush, which sent Yoon's popularity plummeting.

"We share a collective sense of grief and urgency," he said.

Correction: December 4, 2024 — This story was updated to clarify the status of several senior aides to South Korea's president. The aides were widely reported to have offered to resign; it's unclear whether those resignations were approved or whether they have left their roles.

• South Korea's largest labor union has issued an indefinite general strike.
• The call went out to its 1.1M members after South Korea's president declared martial law.
• It said the strike would last until the president stepped down.

South Korea's largest labor union launched an indefinite general strike late on Tuesday, calling for the country's embattled president to resign after he declared martial law.

The Korean Confederation of Trade Unions issued the call in a Facebook post to its 1.1 million members, saying the strike would start Wednesday at 9 a.m. local time and would last until the president's "regime" abolished martial law and the president stepped down.

President Yoon Suk Yeol declared martial law on Tuesday, only to rescind the decree six hours later. It was a stunning move that threw the Asian country into political and economic disarray.

The decree, which suspended civilian government functions and established temporary military control, was South Korea's first declaration of martial law since the country's democratization in 1987.

Yoon justified the move in a televised address on Tuesday, saying it was necessary to counter North Korea and "anti-state forces," while also criticizing the country's opposition politicians.

In the aftermath, the South Korean won dropped to its lowest level since October 2022, but trimmed losses in Asian hours.

In a Facebook post on Tuesday, the Korean Confederation of Trade Union described Yoon's declaration of martial law as "anti-democratic" and one that South Korea's "people will not forgive."

Andrew Minjun Park, a 27-year-old graduate student at Seoul National University, who joined protests on Tuesday night, told BI that the president had "crossed the line" when he involved the military.

Meanwhile, South Korea's former foreign minister, Kang Kyung-hwa, told CNN that the president's move and the way it was handled was "completely unacceptable" and an "aberration."

According to the Yonhap news agency, 10 senior aides working for Yoon, including his chief of staff, offered to resign on Wednesday.

Calls for the president's resignation have been growing. All six opposition parties filed a motion to impeach Yoon on Wednesday, with plans to put it to a vote on Friday or Saturday.

To remove him from office, a two-thirds majority in Parliament and at least six justices of the nine-member Constitutional Court would be required, per the Associated Press.

Yoon has been dubbed a "lame-duck president" because he holds the nation's highest position without a majority in the legislature.

Robert E. Kelly, a professor of political science at Pusan National University, told India's WION news on Wednesday that Yoon's "approval rating is under 20%, so he has no strong public backing to help keep him in office to overcome this."

"If he decides to stay, he'll almost certainly face impeachment," Kelly added.

• Andrew Minjun Park, 27, is a graduate student at Seoul National University.
• Park joined the protests in Seoul after South Korea's president abruptly declared martial law.
• He arrived at the National Assembly at about 11:45 p.m. Tuesday and stayed until the next morning.

This as-told-to essay is based on a conversation with Andrew Minjun Park, 27, a graduate student at Seoul National University. Park participated in the protests against martial law outside South Korea's National Assembly building on Tuesday night. The following has been edited for length and clarity.

I was preparing for my political science Ph.D. applications on Tuesday when I heard the news about South Korean President Yoon Suk Yeol declaring martial law.

At first, I thought it was fake news. Putting the country under martial law is something that's often associated with the authoritarian governments South Korea had in the '70s and '80s.

But after watching the president's address on YouTube, I realized he was dead serious.

To me, this was a critical moment in Korea's modern history

Initially, I didn't want to join the protests that were forming outside the National Assembly building.

There was a possibility the protests could turn violent. You could also get arrested since protests are illegal under martial law.

But as more and more photos of security forces descending on the building came in, it began to dawn on me that this situation couldn't be taken lightly.

The president had crossed the line when he got the military involved. What he had done posed a risk to democracy.

To me, this was a critical moment in Korea's modern history.

I knew I would regret it for the rest of my life if I didn't head down to the National Assembly.

The protests were scattered at first

I took the subway to the National Assembly. Unlike most nights, the train was packed. I think a few hundred people got off with me at the station when we arrived.

By the time I got to the building, it was around 11:45 p.m.

There was a police bus parked in front of the building's gate to prevent protesters from entering the National Assembly. I also saw helicopters flying over the building.

At first, the protests were scattered. Some groups were near the gate, while others were lingering behind. There didn't seem to be any central leadership.

I noticed that many of the people who were already there seemed to be party members or unionists. The unionists were wearing uniforms and waving their unions' flags.

But at around 12:30 a.m. or so, I started to see families and students arriving in larger numbers. Some parents brought their children along.

This was my first protest, and I wasn't prepared for the physical aspects of it.

It was really cold, and my hands hurt from trying to hold up a banner I had made. And because it was so crowded, I kept bumping into people.

When the National Assembly voted unanimously to block the president's decree, the protests' agenda began to shift toward calling for the arrest and impeachment of President Yoon.

The protests took place in a peaceful manner.

At around 4:30 a.m. or so, the president announced he would lift martial law and withdraw the troops. Cheers broke out among the protesters. That was when I decided to take a cab back home.

The situation is not over yet

After getting home, I called my parents to tell them I had gone to the protests. I had originally told them that I wasn't going to participate in the protests because I could tell they were worried.

They told me I had made the right decision in going. Both of my parents lived through martial law when they were young.

I am wary of what could happen next. There have been calls for President Yoon to resign and for him to be impeached or indicted.

If there are more protests calling for Yoon's removal, I think I will definitely be there, too.

• South Korea's president, Yoon Suk Yeol, declared martial law in a shock address on Tuesday.
• He expressed frustration with paralyzing opposition forces within the government.
• After hours of civil unrest, Yoon rescinded the order, but many are calling for his resignation.

In a stunning move that threw the nation into turmoil, South Korea's president, Yoon Suk Yeol, invoked martial law on Tuesday, only to reverse course six hours later.

The decree, which brought temporary military control and the suspension of civilian government activities and civil liberties, marked South Korea's first declaration of martial law since the country's democratization in 1987.

The last time that a South Korean leader declared martial law was in 1979, in the aftermath of the assassination of the president.

The resulting turmoil in this instance could be felt for some time.

Calls are growing for the president's resignation. All six opposition parties filed an impeachment motion on Wednesday, with a vote set for Friday or Saturday, according to the Yonhap news agency.

After Yoon ordered martial law, South Korea's parliament voted unanimously to block the decree, declaring the move invalid, but martial law remained in effect.

Yoon announced he would lift martial law and withdraw troops the following day. The Joint Chiefs of Staff then said that the deployed troops had returned to their original units. In the aftermath, Yoon's cabinet approved the reversal.

But the reversal of the order wasn't enough to stymie economic anxieties that arose out of the unrest. On Wednesday, South Korea's Kospi Index closed 1.4% lower. The won fell to its lowest level since October 2022 but trimmed losses in Asian hours.

Companies in the country, including South Korea's SK Group, a conglomerate of semiconductor and energy businesses, and Korean shipbuilder HD Hyundai, were hosting emergency executive meetings in the early morning hours on Wednesday, per Bloomberg.

"We are concerned that these events could impact South Korea's sovereign credit rating, although this is uncertain at this stage," wrote Min Joo Kan, ING Economics' senior economist in Seoul, in a research note.

The leader of Yoon's party said that the ruling party feels "deeply sorry to the public," adding that "the president must directly and thoroughly explain this tragic situation" and that those who called for martial law should be held accountable.

Yoon's entire cabinet and all of his aides have offered to resign, according to local reports.

Meanwhile, the country's largest labor union, the Korean Confederation of Trade Unions, is on indefinite strike, demanding Yoon's resignation, which could hurt production.

On Wednesday, thousands gathered for protest rallies across the country, including outside South Korea's national assembly.

Why did Yoon declare martial law?

Yoon indicated the move was necessary to counter North Korea, but the move appears to be at least partly political.

In a televised address, he spoke of "anti-state forces," saying martial law was necessary to eliminate them quickly and "normalize the country." He also criticized the country's opposition politicians, responding to a series of political setbacks that have frustrated his agenda.

Yoon has suffered from low approval ratings this year and has been described by critics as a "lame-duck president," as he holds the nation's highest office without having a majority in its legislature.

Yoon's conservative People Power Party lost a general election in April, in which the rival Democratic Party of Korea took 175 of the 300 seats in the National Assembly.

The opposition majority in parliament last week voted to cut almost $3 billion from Yoon's 2025 budget, undermining his plans. They have also tried to impeach three top prosecutors, The Associated Press reported.

Even as he reversed his martial law decision, Yoon continued to criticize those he saw as frustrating his agenda, requesting in a later address that the National Assembly "immediately stop its reckless actions that paralyze the functions of the state through repeated impeachment, legislative manipulation, and budget manipulation."

The decision to invoke martial law led to parliamentary activity being prohibited, according to the country's government-funded Yonhap news agency. Anyone who violated the rules could have been arrested without a warrant.

The outlet also said that media and publishers fell under the control of South Korea's military.

The provisions of martial law also allowed for the suspension of certain civil liberties.

What has been the political reaction?

Yoon's late-night announcement prompted protests outside parliament, with some trying to climb its walls. There was also intense criticism of Yoon for short-circuiting the country's democracy.

Han Dong-hoon, the leader of the ruling People Power Party, said imposing martial law was "wrong" and that he would "stop it with the people."

South Korea's main opposition leader, Lee Jae-myung, described the move as unconstitutional.

Yoon was already an unpopular leader in Korea. Gallup's latest poll, released last week, showed his approval rating falling to 19%, per a poll of 1,000 adults.

The unexpected declaration of martial law was also said to have caught the Biden administration by surprise.

South Korea is a key US ally in the Indo-Pacific region and is a base for roughly 28,500 American service members, as well as numerous civilian workers and dependents.

"We continue to expect political disagreements to be resolved peacefully and in accordance with the rule of law," US Secretary of State Antony Blinken said in a statement after the martial law was rescinded.

How has the economy been affected?

Markets reacted immediately to South Korea's political crisis, with US-listed Korean stocks and the South Korean won taking a hit in overnight trade.

While shares of Samsung Electronics, the country's largest company, dropped 3% before paring losses, South Korea's Kospi Index fell 2.2% and closed 1.4% lower on Wednesday.

South Korean authorities have rushed to reassure investors.

The country's finance ministry said on Wednesday it was standing ready to deploy all necessary measures to stabilize the financial markets.

"We will inject unlimited liquidity into stocks, bonds, short-term money market as well as forex market for the time being until they are fully normalised," the ministry said in a statement.

On Wednesday, Kim Byung-hwan, the chairman of South Korea's Financial Services Commission, said the government was ready to activate a $35.4 billion stock market stabilization fund immediately and take other measures to address market concerns if needed.

But Rhee Chang-yong, governor of the Bank of Korea, told Bloomberg TV on Wednesday evening local time that South Korea's financial markets were stabilizing quickly and that the impact on markets was short-lived.

He added that he believed South Korea's economic dynamics can be separated from its political dynamics.

Even so, a few hours later, the OECD lowered South Korea's 2025 growth economic outlook to 2.1%, from 2.2%.

One notable stock surge amid all the turmoil: Kakao, and subsidiaries Kakaopay and KakaoBank, were up on Wednesday. Billionaire founder Brian Kim was arrested in July on charges of manipulating a major K-pop agency deal last year.