South Korea Issues Arrest Warrant For President Yoon Amid Martial Law Inquiry
South Korea’s court has officially issued an arrest warrant for President Yoon Suk Yeol following the declaration of martial law earlier this month, which led to a sharp drop in crypto prices, as reported on December 31 by Korean sources.
South Korea Seeks Arrest Of President Yoon
As reported by Reuters, the Corruption Investigation Office for High-ranking Officials in the country confirmed that the Seoul Western District Court granted approval for the arrest warrant on Tuesday due to President Yoon’s brief imposition of martial law on December 3.
President Yoon, who reportedly disregarded three summons related to the investigation, has contested the arrest warrant through his legal representatives, denouncing it as “illegal and invalid.” The warrant, targeting the former prosecutor, remains in effect until January 6, marking President Yoon as the first head of state to face arrest.
Critics have claimed that President Yoon’s decision to enforce martial law was an effort to incite a rebellion in the East Asian nation, whereas the divisive political figure argues that he was safeguarding his constituents from alleged “anti-state elements.”
This tumultuous governmental situation has raised global apprehensions regarding South Korea’s political stability, especially as President Yoon faces the possibility of the death penalty if convicted for leading an insurrection against the government led by the opposition.
Crypto Prices Dip After Martial Law Decree
Following President Yoon’s declaration of martial law on December 3, several digital assets experienced temporary declines in value amidst the political crisis. Both Bitcoin and XRP witnessed approximately a 30 percent drop before President Yoon was instructed to rescind the martial law decree on December 4.
The South Korean national currency, the won, also experienced a brief dip, but has seemingly returned to normal levels since then.
On the same day as reports emerged about President Yoon’s anticipated arrest, disgraced South Korean crypto magnate Do Kwon was extradited to the United States. The founder of Terraform Labs faced a downfall in May 2022 when his algorithmic stablecoins Terra USD and LUNA crashed, resulting in over $40 billion being wiped off cryptocurrency markets.
The alleged crypto fraudster eluded authorities persistently after the collapse of his tokens, concealing himself in multiple locations across Asia and Europe, including Serbia, Dubai, and Montenegro. Kwon was eventually apprehended in the Balkan nation in March 2023 for falsifying travel documents in an attempt to escape Europe, as INTERPOL issued a “red notice” for his arrest.
After a tussle between South Korea and the U.S. over his extradition, Kwon was transferred to a federal prison in the U.S. on Tuesday. It remains unclear whether the ongoing political scenario in South Korea influenced this decision.
