A court in South Korea formally issued an arrest warrant for President Yoon Suk Yeol after the controversial politician declared martial earlier this month – causing crypto prices to plummet, December 31 Korean reports reveal.
South Korea Seeks Arrest Of President Yoon
According to Reuters, the country’s Corruption Investigation Office for High-ranking Officials confirmed that Seoul Western District Court approved the arrest warrant Tuesday over his short-lived declaration of martial law on December 3.
Yoon – who reportedly ignored three summonses related to the inquiry – has since pushed back on the arrest warrant, with his lawyers calling it “illegal and invalid.”
The warrant against the one-time prosecutor is active until January 6, making Yoon the first president to face arrest.
Critics have argued that Yoon’s choice to impose martial law was an attempt to start a rebellion in the East Asian country, while the polarizing political figure claims he was protecting his citizens from alleged “anti-state forces.”
The jarring governmental crisis has prompted international concerns over South Korea’s political stability as Yoon faces the death penalty should he be convicted for spearheading an insurrection against the country’s opposition-led government.
Crypto Prices Dip After Martial Law Decree
Following Yoon’s martial law decree on December 3, a handful of digital assets temporarily shot down in value over the political crisis.
Both Bitcoin and XRP dropped by an estimated 30 percent before Yoon was ordered to rescind his decree on December 4.
South Korea’s national currency, the won, briefly dipped as well – though has since seemingly returned to normal levels.
News of Yoon’s reported impending arrest comes the same day as disgraced South Korean crypto tycoon, Do Kwon, was extradited to the United States.
The Terraform Labs founder fell from grace in May 2022 when his algorithmic stablecoins Terra USD and LUNA crashed, wiping over $40 billion from cryptocurrency markets.
The purported crypto fraudster persistently evaded authorities following the crash of his tokens by hiding out in numerous locales across Asia and Europe including Serbia, Dubai, and Montenegro.
Kwon was ultimately arrested in the Bakan nation in March 2023 for falsifying travel documents in a bid to flee Europe as INTERPOL issued a “red notice” for his arrest.
Kwon was imprisoned in a Montenegrin jail as South Korea and the U.S. battled for his extradition before being sent to federal prison stateside Tuesday.
It is unknown whether the current political climate in South Korea played a role in that decision.
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