TechFlow News, June 8: According to a Cointelegraph report, South Korean police conducted a raid on cryptocurrency exchange Bithumb’s offices to investigate allegations that independent lawmaker Kim Byung-gi abused his political influence to secure a job for his son at Bithumb and at Dunamu—the parent company of Bithumb and Upbit. It is reported that Kim’s son joined Bithumb in January 2025 and worked there for approximately six months. The investigation also examines whether Kim, while serving as a member of the National Assembly’s Committee on Political Affairs, leveraged parliamentary questioning procedures to provide advantages to his son’s employer.
Kim currently faces 13 charges, including nomination bribery and granting special employment privileges; he denies all allegations. Notably, Bithumb had previously been fined $24.5 million and subjected to partial business suspension by South Korea’s financial regulators in 2025 due to deficiencies in its Know Your Customer (KYC) and anti-money laundering (AML) compliance measures; related legal proceedings remain ongoing.
