I'm a South Korean citizen. Let me just tell you what 
   just happened. About 4 hours ago, Ministry of Justice
   issued a statement that the SK government is seeking 
   to ban all crypto exchanges. They explicitly stated 
   that this was a decision that was well communicated 
   between various branches of the government. This 
   caused the market to crash, and really caused a media
   firestorm among Koreans. 

   And then 2 hours ago, the Ministry of Finance and the 
   Blue House issued a statement that this decision to 
   ban all exchanges wasn't something that was 
   unilaterally agreed upon, and that the statement made 
   by the MoJ was not their stance on this matter. Now 
   here is my speculation on what happened. 

   There was a unilateral agreement to shut all exchanges, 
   but as you all would know, this is a very anti-democratic
   and anti-capitalistic thing to do. So they decided to send 
   out a trial balloon. 

   When the statement was made it caused an outrage, as 
   there are approximately 2 million crypto investors 
   in SK. National elections are held on April, so to 
   control the damage I think the Blue House changed 
   its mind and decided to throw the MoJ under the bus. 
   A lot of Koreans are speculating that this is what
   happened under the hood, which is very amateurish. I 
   just feel bad for all the guys who cut losses today.