Bithumb is once again embroiled in regulatory turmoil, as South Korean police investigate allegations of lawmakers interfering in hiring practices

By: rootdata|2026/06/09 04:45:00
0
Share
copy

Recently, the South Korean police raided the cryptocurrency exchange Bithumb to investigate independent lawmaker Kim Byung-gi for allegedly using his influence to secure employment opportunities for his son. It is reported that Kim's son joined Bithumb in January 2025 and worked for about six months. The police are investigating whether there was any external pressure or special treatment during his hiring process.

In addition, the case also involves Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, with the scope of the investigation expanding from simple hiring issues to potential power rent-seeking and benefit delivery. Investigators pointed out that Kim Byung-gi had repeatedly questioned Dunamu during meetings while serving as a member of the South Korean National Assembly's Policy Committee, raising doubts about whether he was attempting to benefit the company where his son worked.

It is understood that the police had previously questioned executives from several cryptocurrency companies and had conducted searches at Bithumb's headquarters and Bithumb Financial Tower to gather evidence. Kim Byung-gi himself is under investigation for 13 charges, including employment arrangements, bribery in nominations, and requests related to university transfers, and he stated that he believes he will ultimately be able to prove his innocence.

It is noteworthy that Bithumb has been facing ongoing regulatory pressure recently. In March of this year, South Korea's financial regulatory agency imposed a fine of approximately $24.5 million on Bithumb for KYC and anti-money laundering (AML) violations and issued a six-month partial business suspension order. However, the South Korean court temporarily suspended the enforcement of the penalty at the end of April, and the relevant legal procedures are still ongoing.

-- Price

--

You may also like

Morning Report | BitMine increased its holdings by 126,971 ETH last week; trader Eugene announced his exit from the crypto market

Overview of Important Market Events on June 8th

Wang Chuan: How can one not feel anxious after the neighbor Old Wang made thirty times profit by investing in storage stocks? (Seven) - A quarter-century cycle

In-depth analysis of the "reflexivity" bubble trap in storage stocks: Beware of the backlash from the bullwhip effect and the false narrative of high growth; do not let the short-term myth of wealth become a wealth abyss that cannot be recovered for 25 years.

Cryptocurrency CEXs are flocking to sell US stocks, and traditional brokerages are facing an "uninvited guest."

The major reshuffle has just begun.

$75 billion in foreign capital has fled, and South Korean retail investors have absorbed it all using leverage

Despite the accelerated migration of Korean funds from cryptocurrency to the stock market, the Korean market remains an important barometer for global cryptocurrency retail liquidity and recovery turning points.

Japan’s Three Megabanks Plan Joint Stablecoin Issuance in Fiscal 2026

MUFG, SMBC, and Mizuho reportedly plan to jointly issue fiat-pegged stablecoins in fiscal 2026, signaling Japan’s growing push into bank-led digital payment infrastructure.

Humanity Discloses H Token Dual-Chain Attack Details, With Losses on Ethereum and BSC Exceeding $36 Million

Humanity said the H token attack across Ethereum and BSC caused more than $36 million in losses after leaked ProxyAdmin keys enabled malicious contract upgrades and token minting.

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com