Why did the South Korean conspiracy theory on the 2020 general election fail to garner political influence like QAnon and anti-vaccine conspiracy theories? This paper argues that answering this question requires a processual approach to social phenomena. Appreciating a conspiracy theory “community” as a gathering of multiple entities constantly recreated in relation to others is crucial for explaining the failure of the Wuhan Gallery, a South Korean “community” that gave birth to the conspiracy theory. Even though the claims of election fraud gained traction after the landslide loss, other South Korean online “communities” criticized the conspiracy theory and engaged with the Wuhan Gallery with mockery involving rhetoric against the elderly. Wuhan Gallery responded by banning users that seemingly came from other “communities” as trolls, which hindered different readings of the conspiracy theory and its relationship with politicians. Critics of conservative YouTubers and politicians were stigmatized as trolls, making the conspiracy theory on the election fraud no different from failed conspiracy theories of the past. The result of the research implies that the conspiracy theory “community,” as well as discourse on conspiracy theory, was constantly shifting over time and that social factors play a crucial role in the rise or fall of a conspiracy theory. Furthermore, the trajectory of the conspiracy theory “community” demonstrates how users in South Korean cyberspace constantly misrecognize what is taking place by neglecting the processual character of the internet and social entities and underlines the importance of a processual approach in social sciences.