A South Korean court has issued an arrest warrant for President Yoon Suk Yeol, marking an unprecedented legal action against a sitting leader in the country. The arrest follows Yoon’s impeachment and suspension from office after he declared martial law in early December.
The Seoul Western District Court approved the warrant on December 31, making it the first time a court has granted such an order for a sitting president. According to a report from Korea Herald, the arrest warrant was requested after Yoon failed to comply with three separate summons for questioning.
The warrant was submitted by a joint investigative task force, which includes the Korean National Police Agency’s National Office of Investigation, the Corruption Investigation Office for High-ranking Officials, and the Criminal Investigation Command of the Defense Ministry. The Corruption Investigation Office stated that the warrant must be executed within seven days of approval, though it can be extended if necessary.
Deputy Prime Minister and Finance Minister Choi Sang-mok is currently serving as interim leader after Yoon was removed from power on December 14. The country’s parliament voted to impeach Yoon earlier this month.
Martial Law and Its Impact on Cryptocurrency
On December 3, Yoon declared martial law during a live television broadcast, citing a need to eliminate what he described as “anti-state elements” and threats from “North Korea’s communist forces.” This move led to widespread criticism and significant political fallout.
The announcement triggered a temporary dip in the cryptocurrency market, both domestically and internationally. In South Korea, Bitcoin prices on local exchanges, such as UpBit, dropped by as much as $30,000 within six hours. Analysts attributed this crash to a liquidity crisis exacerbated by the sudden exit of key market participants.
Globally, major cryptocurrencies, including Bitcoin, saw prices decline by as much as 4 percent following the announcement. However, the market rebounded quickly after South Korea’s parliament demanded Yoon lift the martial law order on December 4.
Yoon’s attempt to impose martial law came just one day after South Korea experienced its second-highest level of retail crypto trading for the year. The surge in trading activity was driven by interest in several high-momentum altcoins, including XRP.