A South Korean court has issued an arrest warrant for President Yoon Suk Yeol, following his impeachment and suspension from office over his attempt to impose martial law. The Seoul Western District Court approved the warrant on December 31, marking an unprecedented event for a sitting South Korean president. The warrant was requested after President Yoon failed to appear for questioning on three occasions.
The joint investigation taskforce that sought the warrant includes the Korean National Police Agency’s National Office of Investigation, the Corruption Investigation Office for High-Ranking Officials, and the Defense Ministry’s Criminal Investigation Command. The warrant must be executed within seven days of its approval, with an option for extension if necessary.
Deputy Prime Minister and Finance Minister Choi Sang-mok has been serving as South Korea’s interim leader since December 14, when President Yoon was impeached by parliamentary vote.
The imposition of martial law on December 3, during a live broadcast by President Yoon, was justified by him as necessary to counter “anti-state elements” and threats from North Korea. This sudden action caused a brief downturn in the cryptocurrency market, with Bitcoin prices on South Korean exchanges, like UpBit, plummeting by up to $30,000 in a matter of hours. The prices of major cryptocurrencies such as Bitcoin, Ether, and XRP fell by as much as 4% internationally. The market rebounded the following day after the parliament called for the lifting of martial law.
The martial law declaration came amidst heightened activity in retail crypto trading in South Korea, driven by strong interest in high-momentum altcoins including XRP, Dogecoin, and Stellar.
