South Korea's Kospi index, once the world's hottest stock market driven by AI optimism, erased $2.5 trillion in value during a six-week plunge in June and July 2024. The crash devastated individual investors, known as 'ants,' who make up 60-70% of daily trading volume and heavily bet on Samsung Electronics and SK Hynix. Yoon Jae-Yi, a 30-year-old English teacher, lost $19,000 and now skips meals to save money.

Jung Eui-jung, 68, head of the Korea Stockholders’ Alliance representing 14 million investors, called the volatility a 'gambling table.' The downturn followed the launch of single-stock leveraged ETFs in May, which amplified both gains and losses. Ant investors blame President Lee Jae Myung's administration for easing regulations that allowed the risky funds. Though rules have since tightened, the fallout reached global markets, contributing to 67% losses at U.S. hedge fund Situational Awareness, which held large positions in SK Hynix.

Yoon Kyung-min, a 44-year-old sound engineer, lost $7,200 after investing his severance pay, fearing his wife's reaction. President Lee, who once pledged to double the Kospi to 5,000 by 2030, now faces public anger, with investors sending mourning wreaths to the National Assembly demanding accountability.