Police Raid Bithumb Over Lawmaker’s Alleged Hiring Favoritism

South Korean police raided Bithumb’s offices on Monday as part of an investigation into alleged hiring favoritism linked to independent lawmaker Kim Byung-gi. The action relates to the recruitment of Kim’s son by the exchange.

Kim’s son began working at Bithumb in January 2025 and remained for about six months. Investigators are examining whether Kim used his position to influence hiring at Bithumb and at other cryptocurrency firms, including Dunamu, the operator of Upbit.

Police have questioned Kim several times and earlier summoned executives from multiple crypto exchanges as witnesses. Authorities carried out prior search-and-seizure operations at Bithumb’s headquarters and at the nearby Bithumb Financial Tower and continued gathering testimony through April.

In April, investigators questioned Kim on 13 separate allegations, including claims related to nomination bribery, employment-related favors involving his son and requests connected to a university transfer. Prosecutors are reviewing whether Kim’s activities while serving on the National Assembly’s Political Affairs Committee, which oversees the finance regulator, had any connection to the companies where his son sought work.

During his sixth appearance before investigators, Kim told officials he expected to be cleared of wrongdoing. Authorities have not announced whether they will summon additional witnesses or file criminal charges.

Bithumb has faced regulatory enforcement over anti-money-laundering and know-your-customer deficiencies. Financial regulators imposed a fine of roughly $24.5 million and a six-month partial suspension last month that included limits on onboarding new users; a court temporarily blocked the suspension after Bithumb challenged the regulator’s decision. Bithumb did not respond to requests for comment.