Tracking the Political Crisis in South Korea
South Korean President Yoon Suk-yeol suddenly announced the implementation of "emergency martial law" last night. The largest opposition party in South Korea stated that if Yoon does not step down immediately, they will advance impeachment proceedings. This topic will track and analyze the current political situation in South Korea and its impact on the cryptocurrency market.
17:12 The South Korean police, the Public Prosecutor's Office, and the Ministry of National Defense jointly established an emergency martial law joint investigation headquarters
ChainCatcher news, according to Jin10 reports, the South Korean police, public prosecution office, and the Ministry of National Defense have jointly established an emergency martial law joint investigation headquarters.
22:45 Market news: The South Korean prosecution has arrested former Defense Minister Kim Yong-hyun on charges of "inciting rebellion and abuse of power."
ChainCatcher news, according to market news, the South Korean prosecution has arrested former Defense Minister Kim Yong-hyun on charges of "inciting rebellion and abuse of power."
13:54 The South Korean president is restricted from leaving the country, and the South Korean stock market continues to decline
ChainCatcher news, according to the Korea Herald, the head of the South Korean senior official corruption investigation office has ordered a ban on President Yoon Suk-yeol's departure from the country.On the other hand, the South Korean KOSDAQ index plummeted 5% during the day, and the KOSPI index's decline widened to 2.6%.
16:11 South Korean prosecutors: Investigating Yoon Suk-yeol for suspected internal rebellion and abuse of power
ChainCatcher news, according to Yonhap News Agency, the South Korean prosecution, which is investigating the emergency martial law situation on December 3, stated on the 8th that President Yoon Suk-yeol is being investigated as a suspect for alleged treason.Park Se-hyun, head of the special investigation team for the emergency martial law situation (Chief Prosecutor of the Seoul High Prosecutors' Office), stated at a press conference that they have received many reports accusing Yoon Suk-yeol of committing treason, and the prosecution is investigating according to procedures. Park Se-hyun said that the prosecution has no plans to refrain from investigating treason and will investigate both abuse of power and treason allegations. Although treason is not originally within the scope of prosecution investigations, the Prosecutors' Office Act allows the prosecution to investigate crimes directly related to abuse of power. In this case, the allegations of treason and abuse of power are inseparable.
14:32 The South Korean Minister of Interior submitted his resignation
ChainCatcher news, according to Jinshi citing Yonhap News Agency, the South Korean Minister of Interior has submitted his resignation.
14:30 South Korea's largest opposition party: Tomorrow will initiate a special investigation bill regarding the judicial cases in South Korea's political situation
ChainCatcher news, according to Jinshi reports, on the 8th local time, South Korea's largest opposition party, the Democratic Party of Korea, stated that on the morning of the 9th, it will initiate special prosecution bills regarding the domestic turmoil in South Korea and the judicial cases involving First Lady Kim Keon-hee.
13:30 The South Korean Prosecutor's Office has launched an investigation into President Yoon Suk-yeol
ChainCatcher news, according to Jinshi reports, the Special Investigation Department of the Korean Prosecutor's Office stated that it has received many complaint letters regarding President Yoon Suk-yeol and has initiated an investigation.
15:01 Leader of South Korea's ruling party: Will continue to demand Yoon Suk-yeol to stop performing presidential duties
ChainCatcher news, the leader of the ruling People Power Party of South Korea, Han Dong-hoon, stated that during his meeting with President Yoon Suk-yeol that day, he did not receive any reasons that could overturn his previous views. Han Dong-hoon will continue to demand that Yoon Suk-yeol cease his presidential duties.Han Dong-hoon had previously held talks with Yoon Suk-yeol, during which he confirmed that President Yoon Suk-yeol had ordered the arrest of several major political figures in South Korea under the pretext of "anti-state forces" when declaring "emergency martial law." Han Dong-hoon stated that Yoon Suk-yeol must be made to stop his presidential duties as soon as possible, or South Korea may again face extreme situations such as martial law. This statement is seen as a hint that Han Dong-hoon will support the impeachment motion to pass in the National Assembly.
12:41 The President of South Korea and the leader of the ruling party held talks
ChainCatcher news, according to Jin10 reports, South Korean President Yoon Suk-yeol and the leader of the ruling party Han Dong-hoon are holding talks.
11:12 A dramatic scene in the South Korean cryptocurrency market: altcoins lead the rise, elderly people rush into the market, and the state of emergency triggers a flash crash
The farce of the South Korean martial law has triggered significant market fluctuations, making the recently entered elderly investors in South Korea feel the immense volatility of the crypto market. Although the martial law in South Korea has been lifted, the intertwining of political turmoil and market fluctuations has created substantial arbitrage opportunities, and the influx of large amounts of capital has also highlighted the crypto market's resilience to regional risks.
