South Korean court approves arrest of impeached President Yoon

A South Korean court has approved an arrest warrant for President Yoon Suk Yeol after his impeachment and suspension from office.

The warrant, issued by the Seoul Western District Court on December 31, is the first of its kind for a sitting South Korean president, according to the Korea Herald.

The arrest was requested by a joint investigation task force comprising the Korean National Police Agency, the Corruption Investigation Office for High-ranking Officials (CIO), and the Defense Ministry's Criminal Investigation Command.

The warrant was sought after Yoon ignored three summonses from investigators.

The CIO stated that the arrest warrant must be executed within seven days but can be extended if necessary.

President Yoon was impeached by the South Korean parliament on December 14 after attempting to impose martial law during a live broadcast on December 3.

In his address, Yoon claimed the measure was needed to “eliminate anti-state elements” and counter threats from North Korea.

The decision was met with widespread backlash and led to his suspension from office.

Deputy Prime Minister and Finance Minister Choi Sang-mok has been acting as interim leader since Yoon’s suspension.

Yoon’s declaration of martial law caused a significant impact on cryptocurrency markets.

South Korean exchanges, including Upbit, saw Bitcoin (CRYPTO:BTC) prices drop by as much as $30,000 in six hours due to a liquidity crisis, which analysts attributed to the “disappearance of key market players.”

Globally, major cryptocurrencies, including Bitcoin, Ether (CRYPTO:ETH), and XRP (CRYPTO:XRP), also experienced declines of up to 4%.

Markets recovered after the South Korean parliament demanded Yoon rescind the martial law order on December 4.