Bithumb Raided Again in Probe Tied to Lawmaker's Family

Seoul police searched Bithumb's headquarters for the second time on Monday, escalating a corruption investigation centered on independent lawmaker Kim Byung-ki. The probe focuses on allegations that his son's job at the exchange came through political pressure. The raid pushes the case further into public view and raises fresh questions about governance at one of South Korea's largest crypto exchanges.

The Allegations and the Lawmaker Connection

Police executed the second search warrant at Bithumb's offices in Gangnam, according to local media reports. The first raid took place months earlier. Investigators are looking into claims that Kim Byung-ki's son was hired at Bithumb under pressure from the lawmaker, who served on a parliamentary committee overseeing financial regulation.

Kim Byung-ki is an independent lawmaker with a history of involvement in crypto policy debates. The probe does not name him as a suspect. The focus on his family's ties to the exchange has drawn attention from both political circles and the crypto industry.

Bithumb said it is cooperating with the investigation. The exchange did not comment on the specific allegations.

Bithumb's History of Regulatory Trouble

Bithumb has a long record of regulatory trouble in South Korea. The exchange suffered a major hack in 2018 that cost it about $30 million in crypto. It has also faced investigations over tax evasion and data leaks. In 2021, Bithumb was one of the first exchanges to register with the Korea Financial Intelligence Unit under new anti-money laundering rules.

This probe adds a new layer of risk. If investigators find evidence that political influence played a role in hiring, the exchange could face fines or license restrictions. The timing matters. South Korea's crypto regulatory framework is still evolving, and exchanges are under pressure to show they meet governance standards.