Seoul police returned to Bithumb’s headquarters on Monday, finishing up a second search tied to a corruption probe centered on unbiased lawmaker Kim Byung-ki and claims that his son’s hiring on the change could have come via political strain. The transfer got here months after the primary raid and pushed the case additional into public view.
Police Return To Bithumb
Investigators from the Seoul Metropolitan Police Company’s public crime group have been reported to have arrived on the firm’s Gangnam workplace within the morning, whereas separate officers additionally seemed into one other Bithumb web site in the course of the earlier February search. That first sweep passed off on Feb. 24, and witnesses from the change have been later referred to as in once more in April.
The brand new search alerts that police are nonetheless attempting to piece collectively the identical set of questions. They wish to know whether or not Bithumb’s data, hiring recordsdata and inside messages match the change’s public account of the case.
Hiring Claims At The Heart
The principle thread working via the investigation is the declare that Kim used his place to assist his second son land a job at Bithumb. Studies point out that Kim made hiring requests between September and November 2024, that the son was employed in early January 2025, and that he stayed on the change for about six months.
Kim’s committee position gave him oversight of economic and digital asset coverage, which is why investigators are additionally analyzing whether or not his inquiries to Dunamu, the operator of Upbit, could have been a part of a broader effort that created strain round Bithumb. The probe now covers 13 separate suspicions, together with alleged nomination bribery.
Questions Nonetheless Unanswered
Kim has been summoned about seven occasions over a nine-month span, in keeping with the report, however police haven’t mentioned the inquiry is completed. Bithumb, for its half, says the hiring adopted regular procedures and that no irregularities have been discovered within the course of.
Native broadcasters moved rapidly on the raid, with MBC, KBS and JTBC all carrying accounts of the search inside hours. The change stays one among South Korea’s largest buying and selling venues and sits simply behind Upbit within the home market, with about $576 million in each day quantity reported within the story.
Bithumb Underneath Acquainted Scrutiny
The newest raid additionally matches into an extended report of run-ins with authorities. The change has confronted tax checks, fraud-related searches, token-manipulation probes and embezzlement-related raids in previous years, making it a frequent goal at any time when South Korean regulators or police widen their focus.
Police disclosed that the broader case continues to be incomplete and requires additional overview earlier than any findings are finalized, with no fees filed thus far. Investigators added that any new supplies gathered from Monday’s search may assist speed up the following section of the inquiry.
Featured picture from EPA Photos, chart from TradingView
Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent overview by our group of prime expertise specialists and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.