South Korean Court Issues Arrest Warrant for Impeached President Yoon Suk Yeol
A South Korean court has issued an arrest warrant for President Yoon Suk Yeol, following his refusal to comply with three summons requests from investigators. This marks the first time a sitting president in South Korea has faced an arrest warrant.
Key Highlights:
Impeachment and Suspension: President Yoon was impeached and suspended from office on Dec. 14 after attempting to impose martial law earlier in December.
Arrest Warrant Approval: The Seoul Western District Court approved the arrest warrant on Dec. 31, following a request by a joint investigation taskforce, which includes officials from the Korean National Police, Corruption Investigation Office for High-ranking Officials (CIO), and the Criminal Investigation Command of the Defense Ministry.
Failure to Attend Questioning: Yoon had failed to attend questioning on three separate occasions, prompting the warrant request.
Martial Law and Market Impact:
Martial Law Attempt: On Dec. 3, Yoon imposed martial law, citing the need to address “anti-state elements” and threats from North Korea.
Crypto Market Slump: The attempt to impose martial law triggered a brief dip in the crypto market, with Bitcoin prices dropping by $30,000 within six hours on South Korean exchanges, including UpBit. International markets saw a dip of up to 4% across major cryptocurrencies like Bitcoin, Ether, and XRP.
Recovery: Crypto prices quickly rebounded after the South Korean parliament demanded that Yoon lift the martial law order on Dec. 4.
Interim Leadership:
Interim Leadership: Following the impeachment, Choi Sang-mok, South Korea’s Deputy Prime Minister and Finance Minister, is currently serving as the interim leader.
The developments surrounding Yoon’s impeachment and the martial law attempt have had significant political and market repercussions, especially in the crypto space, where the South Korean market plays a key role.
