Seoul Police Return To Bithumb In Corruption Probe Tied To Lawmaker's Son
Seoul police carried out a second search of Bithumb's Gangnam headquarters on Monday, pressing further into a corruption probe that connects independent lawmaker Kim Byung-ki to the hiring of his son at South Korea's second-largest crypto exchange. Officers from the Seoul Metropolitan Police Agency's public crime team arrived at the offices as the investigation — now covering 13 separate suspicions, including alleged nomination bribery — moved into a new phase. Bithumb, which logs roughly $576 million in daily trading volume, said its hiring process followed standard procedures and turned up no irregularities.
Key takeaways
- Seoul police conducted a second search of Bithumb's Gangnam headquarters on Monday in a corruption probe linking independent lawmaker Kim Byung-ki to his son's hiring at the exchange.
- The investigation now covers 13 separate suspicions, including alleged nomination bribery, though no charges have been filed and the case remains officially incomplete.
- Kim allegedly made hiring requests between September and November 2024, his second son was hired in early January 2025, and the son stayed at Bithumb for about six months.
- Bithumb says its hiring process followed standard procedures and turned up no irregularities, and it remains South Korea's second-largest crypto exchange behind Upbit.
- Kim has been summoned approximately seven times over a nine-month span, and police say the inquiry is far from finished.
Seoul police carried out a second search of Bithumb's Gangnam headquarters on Monday, pressing further into a corruption probe that connects independent lawmaker Kim Byung-ki to the hiring of his son at South Korea's second-largest crypto exchange. Officers from the Seoul Metropolitan Police Agency's public crime team arrived at the offices as the investigation — now covering 13 separate suspicions, including alleged nomination bribery — moved into a new phase. Bithumb, which logs roughly $576 million in daily trading volume, said its hiring process followed standard procedures and turned up no irregularities.
Second Raid, Same Core Questions
Monday's search was not the first time investigators walked through Bithumb's offices. A previous sweep on February 24 also extended to a separate Bithumb location, and exchange witnesses were called in again during April. Police have framed the latest action as part of an effort to determine whether Bithumb's records, hiring files and internal communications match the exchange's public account of events. Investigators noted that materials gathered Monday could accelerate the next phase of the inquiry, though no charges have been filed and the case remains officially incomplete.
Hiring Timeline At The Center
The probe's main thread is the allegation that Kim used his legislative position to pressure Bithumb into employing his second son. According to the reporting, Kim made hiring requests between September and November 2024, the son was brought on in early January 2025, and he remained at the exchange for roughly six months. Kim held a committee role with oversight of financial and virtual asset policy, a detail investigators treat as significant. The probe has widened to include questions Kim directed at Dunamu, the operator of rival exchange Upbit, which investigators are examining for signs of coordinated pressure.
Lawmaker Summoned, No Resolution Yet
Kim has been summoned approximately seven times across a nine-month span, yet police have indicated the inquiry is far from finished. Local broadcasters MBC, KBS and JTBC each reported on Monday's raid within hours of the search, reflecting the case's profile in South Korea. For $ASIA investors tracking Korean exchange risk, the episode adds to a body of regulatory exposure that extends well beyond the current probe.
A Long Record With Authorities
The latest raid fits a pattern. Bithumb has previously drawn tax checks, fraud-related searches, token-manipulation probes and embezzlement-linked raids over the years, giving it an unusually long history with South Korean enforcement. The exchange holds the second-largest position in the domestic market behind Upbit. Police said any new evidence from Monday's search will be assessed before investigators determine next steps, leaving the timeline and ultimate findings open.
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Filed by the digital assets desk of MarketPR on June 2, 2026. Source: bitcoinist.com. Indicative figures are not investment advice.