Bithumb Raided by South Korean Authorities Amid Allegations of Influence Peddling

South Korean authorities have launched an investigation into allegations that independent lawmaker Kim Byung-gi used his position to secure employment for his son at cryptocurrency companies, including Bithumb.

The investigation involves examination of hiring practices at both Bithumb and Dunamu, operator of Upbit, South Korea's largest crypto exchange. Investigators are reviewing whether the recruitment process involved outside pressure or preferential treatment connected to Kim's position as a lawmaker.

As part of the inquiry, authorities have questioned Kim multiple times and summoned exchange officials as witnesses in February before conducting a separate search and seizure operation at Bithumb headquarters and Bithumb Financial Tower. Additional questioning continued in April, when investigators interviewed more individuals linked to the exchange as they gathered evidence.