David Edwards
A South Korean court issued an arrest warrant for President Yoon Suk Yeol. This is the first time the country’s current president has been subject to such a measure. After Yoon was impeached earlier in the month, the Seoul Western District Court granted the warrant on December 31.
Suspension and Impeachment
On December 14, the South Korean parliament decided to impeach President Yoon, and he was placed on administrative leave. His contentious proclamation of martial law in a live broadcast on December 3—citing purported threats from “anti-state elements” and North Korea’s “communist forces”—was followed by his impeachment.
Choi Sang-mok, the deputy prime minister and finance minister, has taken over as interim leader to maintain governance throughout this tumultuous time.
Details of the Investigation
A joint taskforce made up of the Criminal Investigation Command of the Defense Ministry, the Corruption Investigation Office for High-ranking Officials (CIO), and the National Office of Investigation of the Korean National Police Agency requested the arrest warrant. The taskforce took decisive action after Yoon had missed three times to attend for interrogation.
The CIO stated that, although an extension may be granted, the warrant must be executed within seven days of approval.
Effect on Markets for Cryptocurrencies
Yoon’s temporary declaration of martial law rocked both the domestic and international cryptocurrency markets. Bitcoin prices on South Korean exchanges, such as UpBit, fell by $30,000 in six hours on December 3. This decline was ascribed to a liquidity problem that was made worse by the abrupt departure of important market players.
The effect was also felt by international cryptocurrency platforms, with declines of up to 4% seen in Bitcoin, Ether, and XRP. However, the decline was brief because on December 4, South Korea’s parliament successfully pressed Yoon to lift martial law.
It’s interesting to note that Yoon’s activities occurred when South Korean retail cryptocurrency traders were actively concentrating on high-momentum cryptocurrencies like Dogecoin and XRP.
