Yes
Yes

The phrase on the flag reads, 좃까고 뒤져라, or (roughly) in English, "F**k off and die"
Tensions were already high between protestors and Korean business owners in Koreatown, and when the LA riots kicked off in '92 all hell broke loose. When the police offered little to no help in Koreatown, men young & old armed with whatever they could muster defended their businesses from the roofs. No deaths resulted from this, only warning shots.
After 6 days the Riots subsided after intervention from the US army and Koreatown sustained the most damage in the entirety of LA. Even smoldering and looted their community remained tightly knit and strong spirited.

Specs
Indoor Use Is Suggested to Maximize the Life of the Flag.

Roof Korean Flag