South Korean police have carried out another search of crypto exchange Bithumb as part of an ongoing investigation into allegations involving independent lawmaker Kim Byeong-gi. The case centres on claims that Kim may have sought a hiring favour for his second son during a meeting with Bithumb executives.
The Public Crime Investigation Unit of the Seoul Metropolitan Police Agency confirmed that investigators visited Bithumb’s headquarters in Gangnam District on Monday to execute a search and seizure warrant. This marks the second time Bithumb has been subjected to a compulsory search in connection with the case, following an earlier raid in February.
Why did police search Bithumb again in the Kim Byeong-gi case?
Authorities are examining whether Kim requested preferential treatment for his second son during a dinner meeting with Bithumb’s chief executive and other officials in November 2024. The son was later hired by Bithumb in early 2025 and worked at the company for around six months.
Investigators are also reviewing whether any legislative actions taken by Kim around that period could have benefited the exchange. Police have already conducted multiple witness interviews with Bithumb officials as part of the probe.
Bithumb has stated that the hiring process for Kim’s son followed standard procedures and that no irregularities were found.
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What does the ongoing investigation show about the case?
The investigation has been active for about nine months, with police repeatedly expanding their review. Earlier searches included Bithumb’s headquarters and another financial office location in February, followed by additional witness summons in February and April.
Kim himself has reportedly been questioned multiple times, including seven official summonses as authorities try to determine whether any improper influence took place.
The case highlights increasing regulatory and legal scrutiny around major crypto firms in South Korea, especially as exchanges continue to operate closely within the country’s broader financial and political environment.
Meanwhile, South Korean regulators imposed a record-breaking penalty on crypto exchange Bithumb, fining the platform 36.8 billion won (around $24.5 million) and enforcing a six-month partial business suspension after uncovering millions of anti-money laundering violations.
More Bithumb execs were questioned; police were closing in on a decision
By July, investigators had summoned multiple Bithumb officials for questioning. A government-relations executive was questioned as a suspect over allegations of offering a bribe, while the head of Bithumb’s data-marketing team was also questioned.
Police were particularly interested in how a government-relations executive who was not responsible for recruitment came to possess Kim’s son’s résumé. The investigation had lasted more than 10 months and covered 13 separate allegations involving Kim.
South Korean police indicated that most of the other allegations had largely been examined and that the remaining investigation into the Bithumb hiring case could determine when authorities make a comprehensive decision on the broader case.
Kim has called for the investigation to be concluded, arguing that the prolonged probe and related media coverage have damaged his reputation. His legal team has asked police to reach a decision without further delay.
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