Korean Lawmaker Accused of Attacking Upbit to Benefit Son at Bithumb
South Korean police are investigating allegations that Kim Byung-kee, a senior lawmaker from the ruling Democratic Party of Korea, abused his parliamentary place to assault cryptocurrency trade Upbit after his son secured employment at rival platform Bithumb.
Kim, a 25-year veteran of the National Intelligence Service who served as its personnel director earlier than coming into politics, now faces at least 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
According to a local media report, Kim started exhibiting sudden curiosity in each Dunamu (the operator of Upbit) and Bithumb after being transferred to the National Assembly’s Political Affairs Committee following the April 2024 normal election.
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 round and handed it over,” the aide mentioned. Kim additionally met Bithumb’s management in November 2024. His son in the end joined Bithumb—not Dunamu—in January 2025.
What adopted was a dramatic shift. The aide said Kim instructed workers to put together questions attacking Dunamu’s market dominance, repeatedly saying the corporate “wants to be taught a lesson” and must be “shut down.”
In February 2025, Kim formally questioned the Financial Services Commission chairman about Dunamu’s monopolistic practices. The FSC chief responded that he would seek the advice of with the Fair Trade Commission on regulatory measures. The former aide advised police, “I imagine he made damaging inquiries towards a competitor as a result of his son joined Bithumb.”
Pattern of Alleged Nepotism
The Bithumb allegations match a broader pattern. Kim allegedly intervened to safe his elder son’s employment at 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 “affirmation” her son can be employed. The official allegedly promised to create a particular recruitment course of across the son. Four months later, the son was employed by means of exactly such a course of.
Other allegations embody Kim personally visiting a University’s president to safe his youthful son’s admission, receiving lodge vouchers price 1.6 million gained from Korean Air whereas overseeing its merger assessment, and his spouse allegedly misusing a district council official’s expense card.
High Stakes in Korea’s Exchange Wars
The scandal unfolds amid intensifying competitors in Korea’s crypto market. According to 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 spending—from 16.1 billion gained in 2023 to 192.2 billion gained in 2024. The panorama faces additional disruption as Binance prepares to full 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.
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