The South Korean movie titled ‘Crypto Man’ starring late actor Song Jae-rim is scheduled for release on Jan. 15, 2025. The movie is inspired by true events from a $34.9 billion crypto crash.
According to South Korean media JTBC, The movie’s director, Hyun Hae-ri stated that the movie was based on true events related to South Korea’s crypto crash, which resulted in major financial losses amounting to more than 50 trillion won ($34.9 billion).
Though, Hyun did not specify which case it was, she said that a large number of victims are “still awaiting a final ruling from judicial authorities.”
Hyun Hae-ri is most famous for directing the film “Nine Times Fired,” which premiered at the Cannes International Drama Festival. Hyun is known for her socially conscious documentaries.
“I will present it as realistically as possible while also being sharp, and include elements of dark comedy,” said Hyun, adding that the production team had to go through “rigorous legal consultation” in the making of the movie.
The movie stars the late actor Song Jae-rim, who died in his home in November 2024. His death was ruled a suicide after the police reportedly found a suicide note at the scene.
Song plays a young entrepreneur named Yang Do-hyun. After going through a series of startup ventures that led to bankruptcy, Yang and his friend Ji-Woo find success when they launch a cryptocurrency venture supported by hundreds of millions of won from an investor.
Yang develops an altcoin named MOMMY which skyrockets to great lengths, but it also lands him in hot water as regulators start to monitor him closely due to his crypto activities. The movie seeks to portray the lives of young Koreans who “are addicted to stocks by day and trade crypto by night.”
An October report from major South Korean crypto exchanges Upbit and Bithumb revealed that 3,759 South Koreans owned crypto wallets worth more than 1 billion won ($699,000) by the end of 2023.
Investors in their 20s were the third-largest group, with more than 185 South Korean youths storing their funds in cryptocurrencies such as Bitcoin. South Korean in their 20s own on average 5.23 billion won ($3.65 million) in crypto.
However, most crypto owners in South Korea were in their 40s, with a total of 1,297 individuals. Each person in their 40s owned 9.29 billion won or $6.50 million on average.
