Crypto Man: A Peek Into Korea's Crypto Obsession, Inspired by the 2022 Terra Crash?

The highly anticipated South Korean film Crypto Man, starring the late actor Song Jae-rim, is set to hit theaters on January 15, 2025. Inspired by real events surrounding a $50 billion Won cryptocurrency crash, the film explores the dramatic fallout of South Korea’s financial turmoil in the crypto space.

According to the film’s director, Hyun Hae-ri, the movie is based on real events about the collapse of a cryptocurrency company which resulted in a loss of $50 billion Won.

There are also other fans who are speculating that the movie is based on the Terra-Luna crash back in 2022, which triggered a major decline in South Korea's economy. But all these are just pure speculations, and nothing has been confirmed or denied.

While Director Hyun didn't reveal the name of the company or additional information on the real case, but she did reveal that many victims are still awaiting the final ruling from judicial authorities.

Fans are saying that Crypto man is going to be bigger than the Squid Games - another giant success Korean show- because of how relevant the topic is and how the story depicts the real scenario of the crypto scene in South Korea.

South Korea's Crypto obsession

The release of Crypto Man comes at a time when cryptocurrency remains a major force in South Korea.

An October report by leading crypto exchanges Upbit and Bithumb revealed that 3,759 South Koreans owned wallets valued at over 1 billion won by the end of 2023.

The report also revealed an interesting fact about the demographics of crypto users in South Korea - one third of the crypto users in South Korea fall under the age range of 20-30s, with more than 185 individuals holding digital assets such as Bitcoin.

It was also revealed that this demographic owns 5.23 billion won in crypto. But by far, the biggest pie of South Korea crypto holders falls under the age of 40-50s, with 1.297 individuals holding an average of 9.29 billion each.

The Late Song Jae-rim’s Final Performance

Another highlight of this movie is that it was the final performance of the late Song Jae-rim, who tragically passed away in November 2024.

In the movie, Song played the role of a young entrepreneur, Yang Do-Hyun, who, after several failed attempts to startup his own company found unexpected success in the cryptocurrency world with the help of his friend Ji-woo.

Yang’s journey takes a turn when his altcoin, MOMMY, surges in value, attracting both fame and scrutiny from regulators. The film offers a compelling narrative on the struggles of South Korea’s youth, portraying individuals who “trade stocks by day and crypto by night.”