Following South Korea’s declaration of emergency martial law, whales made notable moves on the Upbit exchange, transferring significant amounts of Tether’s USDT stablecoin. This activity came after a sharp flash crash in Bitcoin (BTC) and other cryptocurrencies, suggesting a wave of bargain-hunting by large traders.

Blockchain analytics platform Lookonchain tracked over $163 million in USDT flowing into Upbit within an hour of President Yoon Suk Yeol’s announcement. The president accused opposition parties of undermining the government and supporting North Korea, further fueling the crisis.

The influx of USDT indicates that whales may have been taking advantage of the price dip to acquire cryptocurrencies at discounted rates. “A substantial amount of USDT moved to Upbit, likely due to whales aiming to buy the dip,” Lookonchain remarked on X.

Bitcoin briefly fell to $63,000 on Upbit after the announcement but quickly recovered to around $94,000, still slightly lower than the global average price of $95,800, according to TradingView.

The sudden emergency declaration has raised concerns about censorship, leading many investors to turn to decentralized assets like Bitcoin as a hedge against potential government interference.