Seoul police returned to Bithumb’s Gangnam headquarters on Monday for a second search in a widening corruption probe that centers on independent lawmaker Kim Byung-ki and allegations that his son’s hiring at the crypto exchange was secured through political pressure.
Investigators from the Seoul Metropolitan Police Agency’s public crime team conducted the latest sweep as part of an effort to reconcile Bithumb’s records with public accounts of the case. Police said they are reviewing hiring files, internal communications and other documentation to determine whether the exchange’s internal evidence matches its public statements.
The probe traces back to reported hiring requests made by Kim between September and November 2024. According to reports, Kim’s son was hired by Bithumb in early January 2025 and remained at the company for roughly six months. Kim—whose committee responsibilities include oversight of financial and virtual asset policy—is also under scrutiny for whether his interactions with Dunamu, the operator of Korea’s largest exchange Upbit, formed part of broader pressure directed at Bithumb.
Police now say the investigation encompasses 13 separate suspicions, including alleged nomination bribery. Kim has reportedly been summoned about seven times over the past nine months, but authorities emphasize the inquiry is ongoing and no charges have been filed. Officials added that materials seized during Monday’s search could expedite the next phase of their review.
Bithumb has maintained that the hiring followed normal procedures and that it found no irregularities in the process. The exchange—one of South Korea’s largest, second only to Upbit—was noted in reports as handling about $576 million in daily trading volume.
Local broadcasters MBC, KBS and JTBC all carried accounts of the raid within hours, underscoring the case’s prominence. The latest search also fits a pattern of repeated regulatory and criminal scrutiny of Bithumb: the exchange has previously faced tax inspections, fraud probes, token-manipulation inquiries and embezzlement-related raids, making it a frequent focus when Korean authorities widen investigations into the crypto sector.
For now, police say the investigation remains incomplete and will require further review before any final findings or charges are announced.
Image credit: EPA Images. Chart: TradingView.
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