Report: Seoul Police Raid Bithumb HQ in Probe Tied to Lawmaker’s Son

Second Raid in 4 Months

The Seoul Metropolitan Police Agency’s Public Crime Investigation Unit was said to have arrived at Bithumb’s Gangnam-gu offices on Monday morning, marking the second compulsory search of the exchange since February. The first raid took place Feb. 24, 2026, covering both the Bithumb headquarters and the company’s Financial Tower location.

Bithumb officials were summoned as witnesses in both February and April. Monday’s action indicates police have not found what they need through witness testimony alone.

What Investigators Are Looking For

The probe focuses on whether Kim Byung-ki used his legislative position to secure favorable employment at Bithumb for his second son. According to local media reporting, Kim allegedly made employment requests to Bithumb between September and November 2024. The son was reportedly hired in early January 2025 and worked at the exchange for approximately six months.

Kim served on the National Assembly’s Political Affairs Committee, the body with oversight authority over financial and digital asset regulation. Investigators are examining whether inquiries he directed at Dunamu, the operator of rival exchange Upbit, were intended to benefit Bithumb and created pressure that contributed to the hiring.

Kim faces 13 separate suspicions in the broader investigation, including nomination bribery. South Korea’s police have summoned him approximately seven times over the course of a nine-month inquiry.

Bithumb has maintained publicly that the hiring process for Kim’s son followed standard procedures and involved no irregularities. The South Korean crypto exchange is a top 20 trading platform worldwide and second to Upbit in the country. Over the last day, Bithumb logged around $576 million in trading volume.

Korean Media Coverage

MBC, KBS, and JTBC each published reports on the June 8 raid within hours of the morning search warrant execution. MBC’s imnews.imbc.com reported the action at approximately 1:29 p.m. local time. KBS confirmed the second raid at approximately 3:15 p.m., noting the 13 suspicions and seven prior summonses of Kim. JTBC published a separate account covering the morning timeline and the son’s approximate six months of employment. Several other regional news outlets covered Monday’s probe.

Bithumb’s History With Law Enforcement

Monday’s raid is not Bithumb’s first encounter with investigators. Tax authorities and police searched the exchange in 2018 over alleged tax evasion. Seoul police returned in 2020 over suspected investment fraud tied to token listings. Prosecutors raided in 2023 over alleged price manipulation of locally issued tokens, and again in 2025 over embezzlement allegations involving a former executive.

A separate incident in February 2026 drew regulatory scrutiny when a system error during a promotion accidentally credited user accounts with approximately 620,000 BTC, causing a brief market disruption on the platform. That event triggered a Financial Supervisory Service investigation and Financial Intelligence Unit actions, including a partial suspension notice and disciplinary measures against the CEO. That situation was not a police raid and is distinct from the current criminal investigation.

What Comes Next

Police have stated that several aspects of the broader Kim Byung-ki investigation require additional work before conclusions can be drawn. No formal charges have been announced. If any materials were seized on Monday, it could accelerate the timeline.