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South Korea Issues Arrest Warrant for President Yoon in Connection with Martial Law Investigation
A court docket in South Korea has officially issued an arrest warrant for President Yoon Suk Yeol following the contentious politician’s declaration of martial law earlier this month, leading to a decline in cryptocurrency values, as reported by Korean sources on December 31.
South Korea Pursues Arrest Of President Yoon
According to Reuters, the nation’s Corruption Investigation Office for High-ranking Officials confirmed that the Seoul Western District Court approved the arrest warrant on Tuesday due to his brief declaration of martial law on December 3.
WATCH: A South Korean court has sanctioned the arrest of impeached President Yoon Suk Yeol over his temporary imposition of martial law. An arrest warrant for a sitting president is unprecedented in the country https://t.co/oXRZ0xtSP0 pic.twitter.com/EODlzdNxwq
— Reuters Asia (@ReutersAsia) December 31, 2024
Yoon, who reportedly disregarded three summons related to the investigation, has since contested the arrest warrant, with his legal team labeling it as “unlawful and invalid.”
The warrant against the former prosecutor remains active until January 6, marking Yoon as the first president to confront arrest.
Critics have contended that Yoon’s decision to impose martial law was an attempt to instigate a rebellion in the East Asian nation, while the divisive political figure asserts he was safeguarding his citizens from alleged “anti-state forces.”
This alarming governmental crisis has raised international concerns regarding South Korea’s political stability, as Yoon could face the death penalty if convicted of leading a rebellion against the opposition-led government.
Crypto Values Decline Following Martial Law Announcement
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In the wake of Yoon’s martial law announcement on December 3, several digital assets experienced a temporary decline in value due to the political turmoil.
Both Bitcoin and XRP fell by approximately 30 percent before Yoon was instructed to revoke his decree on December 4.
South Korea’s national currency, the won, also saw a brief dip, although it appears to have returned to normal levels since then.
News of Yoon’s anticipated arrest coincides with the extradition of disgraced South Korean crypto entrepreneur, Do Kwon, to the United States.
The founder of Terraform Labs faced significant downfall in May 2022 when his algorithmic stablecoins Terra USD and LUNA collapsed, erasing over $40 billion from cryptocurrency markets.
The alleged crypto fraudster consistently evaded authorities following the crash of his tokens by hiding in various locations across Asia and Europe, including Serbia, Dubai, and Montenegro.
Kwon was ultimately apprehended in Montenegro in March 2023 for falsifying travel documents in an attempt to escape Europe as INTERPOL issued a “red notice” for his arrest.
Kwon was detained in a Montenegrin prison while South Korea and the U.S. vied for his extradition before being transferred to federal custody in the U.S. on Tuesday.
It remains unclear whether the current political situation in South Korea influenced that decision.
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