According to ShibDaily, a South Korean court has issued an arrest warrant for the impeached President Yoon Suk Yeol, authorizing searches of his office and residence over allegations of rebellion linked to his recent martial law declaration. The Corruption Investigation Office for High-ranking Officials confirmed that the Seoul Western District Court approved the arrest warrant, marking an unprecedented move against a sitting president in South Korea.
The arrest warrant follows Yoon's short-lived imposition of martial law, which has sparked significant controversy and legal scrutiny. Experts suggest that any detention or searches are unlikely unless Yoon is officially removed from office. The investigation is focused on whether Yoon's declaration of martial law on December 3 constitutes an act of rebellion. Despite the warrant, Yoon has opposed it, having previously ignored three summons related to the investigation. His legal team has labeled the warrant as "illegal and invalid," and it remains valid until January 6, 2025.
Critics argue that Yoon's martial law declaration was an attempt to incite rebellion, while he insists it was a measure to protect citizens from perceived "anti-state forces." Under South Korean law, those convicted of leading a rebellion could face severe penalties, including the death penalty or life imprisonment. Although Yoon enjoys presidential immunity from most criminal charges, this protection does not extend to accusations of rebellion or treason.
The political turmoil following the martial law declaration in early December 2024 had a significant impact on the cryptocurrency market. Bitcoin and XRP experienced sharp declines of approximately 30% in value, largely due to the political uncertainty. The national currency, the won, also weakened temporarily, reflecting broader economic instability. However, after President Yoon rescinded the decree on December 4, both the won and cryptocurrencies began to recover, stabilizing the market. This incident highlighted the sensitivity of digital assets to geopolitical and government actions.
