In a historic move, the Seoul Western District Court has issued an arrest warrant for President Yoon Suk Yeol, marking the first time a sitting South Korean president has faced such a decision. This development comes after Yoon’s attempt to impose martial law in early December, which sparked widespread protests and led to his impeachment.
Background on President Yoon’s Impeachment
On December 14, 2022, the South Korean parliament voted to impeach President Yoon Suk Yeol, stripping him of his power. This move was a direct response to his attempt to impose martial law on December 3, during a live television address. Yoon cited the need to "eliminate anti-state elements" and address threats posed by North Korea’s communist forces.
Joint Investigation Taskforce Requests Arrest Warrant
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, requested the arrest warrant. The CIO stated that Yoon failed to report for questioning a third time, prompting the investigators to seek the warrant.
Arrest Warrant Approved by Seoul Western District Court
On December 31, 2022, the Seoul Western District Court approved the arrest warrant, marking the first time a sitting South Korean president has faced such a decision. The court’s approval was based on the joint investigation taskforce’s request, which highlighted Yoon’s failure to cooperate with investigators.
Impact of Martial Law Declaration on Crypto Market
Yoon’s attempt to impose martial law sparked a brief slump in the crypto market, both domestically and abroad. On South Korean crypto exchanges, including UpBit, the price of Bitcoin plunged by as much as $30,000 in six hours, causing analysts to attribute this decline to a liquidity crisis exacerbated by key market players’ absence.
BTC/KRW Activity on South Korea-Based Crypto Exchange Upbit
The chart below illustrates the sudden drop in BTC/KRW activity on South Korea-based crypto exchange Upbit following Yoon’s declaration of martial law:
[Insert Upbit chart here]
International Crypto Market Reaction
On international crypto market platforms, major crypto assets such as Bitcoin (BTC), Ether (ETH), and XRP dipped by as much as 4% in response to the news. However, prices quickly bounced back after the nation’s parliament demanded that Yoon lift the martial law order on December 4.
Timeline of Events
- December 3, 2022: President Yoon Suk Yeol attempts to impose martial law during a live television address.
- December 4, 2022: South Korea’s parliament demands that Yoon lift the martial law order.
- December 14, 2022: The South Korean parliament votes to impeach President Yoon Suk Yeol, stripping him of his power.
- December 31, 2022: The Seoul Western District Court approves the arrest warrant for President Yoon Suk Yeol.
Interim Leader Takes Charge
In light of Yoon’s impeachment, Deputy Prime Minister and Finance Minister Choi Sang-mok has been serving as South Korea’s interim leader. This appointment is a temporary measure until a new president can be elected or appointed.
Conclusion
The arrest warrant issued by the Seoul Western District Court marks a significant development in the ongoing saga surrounding President Yoon Suk Yeol’s impeachment. As investigations continue, it remains to be seen what impact this will have on the country’s politics and economy.