South Korean Police Raid Crypto Exchange Bithumb in Probe of Favoritism Toward Lawmaker's Son

Independent lawmaker Kim Byung-kee previously served on the National Assembly's Political Affairs Committee, which oversees the Financial Services Commission. Police suspect that between September and November 2024, he lobbied Bithumb and Upbit operator Dunamu to hire his second son. After Dunamu declined, Kim questioned the company during a National Assembly hearing. The probe centers on whether employment favors were sought in exchange for legislative pressure or protection.

The Seoul Metropolitan Police Agency's Public Crime Investigation Unit searched Bithumb's Gangnam headquarters and finance building at 9:40 a.m. on February 24. Kim's second son joined the company in January 2025 and worked there for about six months. Police conducted another search on June 8 and named CEO Lee Jae-won as a bribery suspect as they investigate whether the company accepted the request in exchange for favorable treatment in the National Assembly. No amount allegedly involved has been disclosed, and the allegations remain subject to judicial determination.