South Korea's Court Issues Arrest Warrant for Impeached Ex-President Yoon

A significant development in South Korea’s political landscape has taken place as a court issued an arrest warrant for President Yoon Suk Yeol. This is the first time a sitting president in South Korea has faced an arrest warrant granted by a court.

Table of Contents

Background: Impeachment and Suspension of Power

President Yoon Suk Yeol was impeached and suspended from office following his attempt to impose martial law in early December. The Seoul Western District Court approved the arrest warrant on Dec. 31, marking a significant escalation in the investigation against the president.

Investigation and Request for Warrant

The joint investigation taskforce, consisting of the Korean National Police Agency’s National Office of Investigation, the Corruption Investigation Office for High-ranking Officials (CIO), and the Criminal Investigation Command of the Defense Ministry, requested the warrant after Yoon failed to report for questioning a third time. The CIO said the arrest warrant should be executed within seven days of approval but can be extended if needed.

Implications of Martial Law Declaration

On Dec. 3, President Yoon imposed martial law during a live television address, citing a need to ‘eliminate anti-state elements’ and address ‘threats posed by North Korea’s communist forces.’ The short-lived attempt to introduce martial law sparked a brief slump in the crypto market domestically and abroad.

Impact on Crypto Prices

The price of Bitcoin plunged as much as $30,000 in six hours on South Korean crypto exchanges, including UpBit. Analysts blamed this dip on a liquidity crisis worsened by the ‘disappearance of key market players’ at the time. On international crypto market platforms, the price of major crypto assets, including Bitcoin, Ether, and XRP, dipped as much as 4% on the news.

Crypto Market Reaction

The price of Bitcoin quickly bounced back after the nation’s parliament demanded that Yoon lift the martial law order on Dec. 4. This brief slump in crypto prices highlights the sensitivity of the market to significant events, including government actions and declarations of martial law.

South Korea’s Crypto Market

South Korea has a thriving crypto market, with over 30% of its population investing in crypto assets. The country’s crypto exchanges have seen significant trading volumes, including on Dec. 4, when South Korea witnessed its second-highest level of retail crypto trading for the year.

Conclusion

The arrest warrant issued against President Yoon Suk Yeol marks a significant development in South Korea’s political landscape. The investigation and subsequent request for an arrest warrant highlight the gravity of the allegations against the president. As the situation unfolds, it will be essential to monitor the impact on the crypto market and any potential consequences for investors.

Timeline of Events

Dec. 3: President Yoon imposes martial law during a live television address.
Dec. 4: The nation’s parliament demands that Yoon lift the martial law order.
Dec. 14: South Korea’s parliament votes to impeach President Yoon, stripping him of power.
Dec. 30: The joint investigation taskforce requests warrants against Yoon on the grounds of abuse of authority and corruption.
Dec. 31: The Seoul Western District Court approves the arrest warrant for President Yoon.