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South Korea’s President Yoon Suk Yeol issues martial law, causing crypto prices to drop

The Seoul District Court has issued a warrant for President Yoon, making him the first sitting president in South Korea to face such a legal challenge. This historic move reflects a severe political upheaval following his controversial martial law declaration.

Following Yoon’s December 3, 2024 martial law announcement, Bitcoin and XRP each experienced a 30% drop, highlighting the volatility in cryptocurrencies during political instability in South Korea.

On the same day Yoon’s arrest warrant was made public, disgraced crypto mogul Do Kwon was extradited to the U.S., raising concerns about the implications for South Korea’s crypto regulations and market activity.

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