South Korean police have reportedly searched Bithumb’s offices as part of an investigation into claims that independent lawmaker Kim Byung-gi may have used his political influence to help his son land a job in the country’s crypto industry.
According to local media reports, the probe was conducted as part of the investigation to uncover any undue influence on hiring processes in Bithumb and Upbit operated by Dunam.
At the heart of the matter lies the son of the legislator, who apparently got the job in Bithumb in January 2025 after working there for some six months.
What authorities wish to ascertain now is if the employment occurred normally or if the status of the lawmaker had any bearing on getting the job done. It’s not that the job itself is the problem; it’s the issue of applying any political pressure behind the scenes.
This development follows tough measures being taken by South Korea’s regulator aimed at curbing illegal practices in the crypto world.
Probe examines link between lawmaker’s role and son’s job
The investigation received even more publicity after it emerged that Kim had made repeated queries about Dunamu while sitting on the Political Affairs Committee in the National Assembly, a body in charge of overseeing financial regulatory institutions.
Investigating agencies are trying to determine whether his parliamentary career could have any bearing on the employment of his son in the cryptocurrency industry.
Kim has already been interviewed multiple times within the course of the investigation. The police allegedly started questioning exchange officials back in February before widening their investigation to Bithumb’s headquarters. Another round of interviews was conducted in April amid the collection of statements and documents.
The man also appeared before investigating authorities in the same month in relation to various accusations against him, including those of accepting bribes and showing favors for his son’s employment as well as some other cases concerning the transfer to university.
Political hiring concerns spark public debate in South Korea
The scandal has hit a sore spot among the people of South Korea since concerns regarding the involvement of the political sector when hiring candidates have always been a delicate issue. Such events in the past have led to debates regarding the lack of transparency in terms of equal opportunities at work and favoritism based on personal relationships within the corporate sector of companies that belong to the financial and technology industry.
This is while Bithumb, itself, has faced another problem in the current times. In fact, a couple of months ago, regulators penalized the cryptocurrency exchange by imposing fines and a suspension order due to their failure to comply with the necessary regulations related to the prevention of money laundering and client verification.
Although they are now facing these difficulties, the company has not stopped its plan of expanding in other markets such as Vietnam, which they have recently entered.
In summary, the entire event has placed this company and the crypto industry of South Korea in a more exposed position.
