A South Korean court issued an arrest warrant for President Yoon Suk Yeol, who was impeached and suspended from office following his attempt to impose martial law in early December.
The Seoul Western District Court approved the warrant on Dec. 31, marking the first time a sitting South Korean president has faced an arrest warrant granted by a court, according to a report from Korea Herald.
Investigators requested the warrant after Yoon failed to report for questioning a third time.
The arrest warrant was requested by a 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.
The joint investigation unit requested warrants against Yoon on Dec. 30. The CIO said the arrest warrant should be executed within seven days of approval but can be extended if needed.
Deputy Prime Minister and Finance Minister Choi Sang-mok is serving as South Korea’s interim leader after Yoon was stripped of power on Dec. 14, when the country’s parliament voted to impeach him.
Martial law causes dip in Bitcoin, crypto prices.
On Dec. 3, 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.”
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Yoon’s short-lived attempt to introduce martial law sparked a brief slump in the crypto market domestically and abroad.
On South Korean crypto exchanges, including UpBit, the price of Bitcoin plunged as much as $30,000 in six hours, which analysts blamed on a liquidity crisis worsened by the “disappearance of key market players” at the time.
BTC/KRW activity on South Korea-based crypto exchange Upbit. Source: Upbit
On international crypto market platforms, the price of major crypto assets, including Bitcoin (BTC), Ether (ETH and XRP (XRP), dipped as much as 4% on the news.
Crypto prices quickly bounced back after the nation’s parliament demanded that Yoon lift the martial law order on Dec. 4.
Yoon’s short-lived bid to impose martial law came just one day after South Korea witnessed its second-highest level of retail crypto trading for the year, with traders in a frenzy over a series of “high momentum” altcoins, including XRP, Dogecoin (DOGE), and Stellar (XLM).
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