In a historic development, the Seoul Western District Court has issued an arrest warrant for South Korea President Yoon Suk Yeol. The decision, made on December 31, follows Yoon’s suspension from office after his controversial attempt to impose martial law earlier this month. This marks the first time a sitting South Korean president has faced such legal action, underscoring the severity of the political crisis gripping the nation.
Political and Market Chaos
President Yoon’s announcement of martial law on December 3 during a televised address stunned the nation. Justifying the move as necessary to eliminate “anti-state elements” and address perceived threats from North Korea, the action was met with swift backlash. Within hours, South Korea’s parliament intervened, leading to Yoon’s impeachment on December 14.
Yoon’s declaration of martial law also triggered turmoil in the cryptocurrency market. Bitcoin prices on South Korean exchanges like UpBit plummeted by as much as $30,000 in just six hours. The steep decline was attributed to a liquidity crisis exacerbated by the sudden disappearance of key market players. Globally, major cryptocurrencies, including Ether and XRP, saw declines of up to 4%, reflecting international investor jitters over South Korea’s escalating political instability.
The crypto market rebounded once parliament forced Yoon to lift martial law on December 4. However, the event left lasting impressions on both domestic and global traders, highlighting the interconnectedness of political and financial systems.
Leadership Transition in South Korea
The arrest warrant, approved after Yoon failed to attend three investigative hearings, was requested by a joint task force comprising South Korea’s National Police Agency, Corruption Investigation Office for High-ranking Officials (CIO), and the Defense Ministry’s Criminal Investigation Command. The warrant, valid for seven days, could be extended if necessary.
In the interim, Deputy Prime Minister and Finance Minister Choi Sang-mok has assumed the role of acting president, tasked with steering the nation through a turbulent period.
Yoon’s attempt to impose martial law came on the heels of a record-breaking day for retail crypto trading in South Korea. High-momentum altcoins like XRP, Dogecoin, and Stellar were dominating the market just before the announcement, illustrating the volatility that can arise when political events intersect with financial markets.
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