Seoul police raided Bithumb's headquarters for a second time last May, deepening a corruption probe tied to independent lawmaker Kim Byung-ki and his son's hiring. The investigation, which began after Kim allegedly sought his son's employment at the exchange in late 2024, now covers 13 suspected offenses including nomination bribery. Bithumb, South Korea's second-largest crypto exchange, insists it followed standard hiring procedures and found no irregularities.
How the Hiring Happened
Kim Byung-ki reportedly made hiring requests for his son between September and November 2024. The son started at Bithumb in January 2025 and worked there for about six months. Police say the requests came before his employment began. The May 2025 raid followed these events as part of the probe into political influence.
Thirteen Suspicions, No Charges
The case now spans 13 alleged offenses centered on corruption and nomination bribery. Kim has been summoned seven times over nine months. But prosecutors haven't filed formal charges yet. The extended timeline has become unusual even for complex white-collar cases.
Bithumb's Defense
The exchange maintains its hiring followed standard procedures and found no irregularities internally. Bithumb has publicly stated all decisions went through normal channels. Police are now verifying internal records against those public statements. The clash centers on whether personnel files match what the company told the public.
Pattern of Regulatory Issues
Bithumb has faced repeated regulatory trouble in previous years. Tax checks, fraud probes and embezzlement investigations have hit the platform before. This latest raid continues that pattern for South Korea's second-largest crypto exchange. The cumulative effect is raising concerns about the platform's compliance record among industry watchers.
Investigators are now reviewing Bithumb's internal personnel records to see if they align with the company's public statements. The review could determine whether formal charges are filed against the lawmaker or the exchange by late July.
