The Seoul Western District Court has issued an arrest order for South Korea’s impeached president, Yoon Suk Yeol. This is the first time a sitting president of the country has faced such an action. Investigators issued the warrant after Yoon rejected three summonses. A joint task force comprised of the Korean National Police Agency, the Corruption Investigation Office for High-ranking Officials (CIO), and the Defense Ministry’s Criminal Investigation Command made the request.
Parliament impeached President Yoon on December 14 after he declared martial law on December 3. He justified his contentious edict by citing “anti-state elements” and “threats from North Korea” in a nationally televised address. His actions, however, sparked enormous outrage and threw the country into political and economic chaos.
Yoon’s proclamation of martial law caused an immediate impact on cryptocurrency markets. Bitcoin’s value dropped by $30,000 on South Korean platforms like UpBit, while other major cryptocurrencies such as Ether and XRP fell by up to 4% globally. The market began to rebound when South Korea’s parliament reversed the martial law order on December 4, capping Yoon’s brief but chaotic bid to consolidate control.
Yoon faces charges of abuse of authority and plotting an insurrection, both of which carry severe penalties, including life in jail or perhaps the death penalty. Investigators allege that during the martial law decree, Yoon ordered military actions to suppress opposition in parliament, including instructions to break into the National Assembly using firearms if necessary.
As the judicial proceedings continue, South Korea’s political future remains unknown. Acting President Choi Sang-mok has assumed leadership responsibilities amidst this crisis, with the nation’s Constitutional Court set to decide on Yoon’s permanent removal or reinstatement in the coming months.
This unprecedented chapter in South Korea’s history raises serious questions about the strength of its democratic institutions and the path forward for a country grappling with the consequences of political upheaval.
