By CentBit.Online – Crypto & Blockchain Expert, Bangladesh
South Korea has made global headlines after the Seoul Western District Court formally issued an arrest warrant for President Yoon Suk Yeol. The warrant, confirmed on December 31, 2024, stems from Yoon’s controversial declaration of martial law earlier this month, which led to significant political unrest and a sharp decline in cryptocurrency markets.
President Yoon Faces Arrest Over Martial Law Declaration
According to a report from Reuters, the warrant was approved by the Corruption Investigation Office for High-ranking Officials (CIO) following Yoon’s failure to comply with three summonses related to the inquiry.
The martial law decree, imposed on December 3, 2024, was rescinded a day later, but critics argue that it was an attempted rebellion against South Korea’s opposition-led government. President Yoon has defended his actions, claiming they were necessary to protect the nation from “anti-state forces.”
The arrest warrant against Yoon, active until January 6, 2025, makes him the first sitting South Korean president to face such legal action. If convicted of insurrection, Yoon could face the death penalty, adding further weight to the unfolding political crisis.
Crypto Prices and South Korean Won Impacted by Martial Law
Yoon’s martial law announcement had immediate repercussions in the financial markets:
- Bitcoin (BTC) and XRP prices plummeted by 30%, reflecting investor unease amid the political turmoil.
- The South Korean won experienced a brief dip before stabilizing after the martial law decree was rescinded.
While markets have since recovered, the political instability has left lingering concerns for investors in both traditional and digital assets.
Do Kwon Extradited to the United States Amid Political Crisis
On the same day the arrest warrant was issued, South Korean crypto tycoon Do Kwon was extradited to the United States.
- The Terraform Labs founder faced global infamy after the collapse of TerraUSD and LUNA in May 2022, which erased $40 billion in market value.
- Kwon evaded authorities across Asia and Europe, including stints in Serbia and Montenegro, before being arrested in March 2023 for falsifying travel documents.
After a lengthy extradition battle, Kwon is now in federal custody in the United States. It remains unclear whether the current political instability in South Korea influenced this decision.
Global Implications and Concerns
President Yoon’s legal troubles and the broader political crisis have raised international concerns about South Korea’s governance and market stability. With cryptocurrency markets already sensitive to global events, South Korea’s crisis highlights the interplay between politics and digital asset markets.
Conclusion
As South Korea navigates this turbulent chapter, the potential arrest of a sitting president underscores the fragility of political and market stability. The crypto industry, particularly investors tied to South Korea, will closely monitor these developments as they unfold.
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