There was a big well in Yongsu-dong of Yeongjongdo, and all of the farmers of the village farmed using the water from the well.
However, the well belonged to Mr. Cha, who was a miser even though he was rich.

One day, an itinerant Buddhist monk was requesting donations in front of the gate of Mr. Cha’s house, sounding a moktak (wooden percussion) and chanting a Buddhist prayer.
After a while, Mr. Cha came out of the house and refused to donate, yelling at the monk.
The monk said, “Then please give me a cup of water,” but Mr. Cha gave the monk a cattle-feed dipper and said, “There is a well down there, go and drink from it.’

After pretending that he drank the water at the well and coming back, the monk said to Mr. Cha, “You will become much wealthier if you fill the pond and use the land as a rice paddy,” returning the cattle-feed dipper.
Mr. Cha, who was stingy, believed the monk and filled the pond to make it into a rice paddy.

However, the dragon that lived in the pond flew to the sea of Palmido, riding on dark clouds.
After that, there was heavy rain and Mr. Cha’s house was swept away in a landslide. Eventually, Mr. Cha’s home fell to ruin, and the village is said to have then been named Yongsu-dong.