Police have conducted a raid on the headquarters of Bithumb after allegations arose that independent lawmaker Kim Byung-ki facilitated his son's employment at the cryptocurrency exchange.
Police in South Korea have initiated a raid on the headquarters of Bithumb, a prominent cryptocurrency exchange, as part of an investigation into allegations surrounding independent lawmaker Kim Byung-ki. The inquiry stems from claims that Kim solicited job favors for his son during a dinner meeting with Bithumb executives in November 2024. Following these allegations, it was discovered that Kim's son secured a position at Bithumb approximately two months later, raising concerns about nepotism and corruption within the hiring practices of the exchange.
In addition to the complexities surrounding his son's employment at Bithumb, Kim is also accused of approaching a competing firm, Dunamu, to seek similar job favoritism. After his request was rejected, there are allegations that Kim instructed his aides to prepare inquiries regarding Dunamu's market dominance, suggesting a potential abuse of power in retaliation for the rejection. The ongoing investigation includes questioning Bithumb executives who were previously summoned to provide information as witnesses in the case.
As this scandal unfolds, Kim Byung-ki is scheduled for police questioning on the 26th and 27th as a suspect. The case highlights ongoing concerns about corruption and favoritism within South Korean companies, particularly in the growing cryptocurrency sector, and underscores the need for transparency in corporate hiring practices, especially given the regulatory scrutiny surrounding the digital asset market.
