South Korean police are investigating allegations that Kim Byung-kee, a senior lawmaker from the ruling Democratic Get together of Korea, abused his parliamentary place to assault cryptocurrency change Upbit after his son secured employment at rival platform Bithumb.
Kim, a 25-year veteran of the Nationwide Intelligence Service who served as its personnel director earlier than coming into politics, now faces not less than 9 separate corruption allegations—a number of involving claims he leveraged authorities connections to profit his household.
Son Joins Bithumb, Then Calls to “Shut Down” Upbit
In keeping with an area media report, Kim started exhibiting sudden curiosity in each Dunamu (the operator of Upbit) and Bithumb after being transferred to the Nationwide Meeting’s Political Affairs Committee following the April 2024 normal election.
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The aide advised investigators Kim met with Dunamu’s CEO a number of instances between September and November 2024, bringing his youthful son—of two sons—to dinner conferences. “He carried his son’s resume around and handed it over,” the aide stated. Kim additionally met Bithumb’s management in November 2024. His son finally joined Bithumb—not Dunamu—in January 2025.
What adopted was a dramatic shift. The aide said Kim instructed workers to arrange questions attacking Dunamu’s market dominance, repeatedly saying the corporate “needs to be taught a lesson” and ought to be “shut down.”
In February 2025, Kim formally questioned the Monetary Companies Fee chairman about Dunamu’s monopolistic practices. The FSC chief responded that he would seek the advice of with the Truthful Commerce Fee on regulatory measures. The previous aide advised police, “I believe he made negative inquiries against a competitor because his son joined Bithumb.”
Sample of Alleged Nepotism
The Bithumb allegations match a broader sample. Kim allegedly intervened to safe his elder son’s employment on the NIS in 2016—the identical company the place Kim constructed his profession. A leaked recording confirmed Kim’s spouse pressuring an NIS official, saying she wanted “confirmation” her son can be employed. The official allegedly promised to create a particular recruitment course of across the son. 4 months later, the son was employed by way of exactly such a course of.
Different allegations embrace Kim personally visiting a College’s president to safe his youthful son’s admission, receiving resort vouchers price 1.6 million received from Korean Air whereas overseeing its merger assessment, and his spouse allegedly misusing a district council official’s expense card.
Excessive Stakes in Korea’s Trade Wars
The scandal unfolds amid intensifying competitors in Korea’s crypto market. In keeping with CoinGecko, Upbit leads South Korea’s buying and selling quantity with 63%, adopted by Bithumb at 30%.
Upbit’s dominance has been slipping. Its market share fell beneath 70% for the primary time since 2020, whereas Bithumb dramatically elevated advertising and marketing spending—from 16.1 billion received in 2023 to 192.2 billion received in 2024. The panorama faces additional disruption as Binance prepares to finish its Gopax acquisition.
For an business the place regulatory standing determines survival, the scandal raises uncomfortable questions on political affect over aggressive dynamics.
Kim has denied wrongdoing. The investigation continues.
