Key takeaways
- Multiple reports indicate that Seoul police carried out a second raid on Bithumb headquarters on June 8, 2026, as part of the corruption investigation of Kim Byung-ki.
- Lawmaker Kim Byung-ki faces 13 suspicions and has been summoned by police about seven times.
- Bithumb denies hiring irregularities; Police say the wider investigation requires further work.
Second raid in 4 months
The Seoul Metropolitan Police Public Crime Investigation Unit reportedly arrived at Bithumb’s offices in Gangnam-gu on Monday morning, marking the second mandatory search of the exchange since February. The first raid took place on February 24, 2026, covering both Bithumb headquarters and the location of the company’s financial tower.
Bithumb officials were summoned as witnesses in February and April. Monday’s action says police didn’t find what they needed from witness testimony alone.
What investigators are looking for
The investigation focuses on whether Kim Byung-ki used his legislative position to obtain favorable employment in Bithumb for his second son. According to local media, Kim applied for jobs at Bithumb between September and November 2024. The son was hired in early January 2025 and worked at the exchange for about six months.
Kim served on the National Assembly’s Political Affairs Committee, the body responsible for overseeing the regulation of financial and digital assets. Investigators are examining whether the inquiries he addressed Dunathe operator of the rival exchange Upflowwere intended to benefit Bithumb and created pressure that contributed to hiring.
Kim faces 13 separate charges as part of the broader investigation, including inauguration bribery. South Korean police summoned him about seven times during a nine-month investigation.
Bithumb has publicly maintained that the hiring process for Kim’s son followed standard procedures and contained no irregularities. South Korean crypto Exchange is one of the top 20 trading platforms in the world and second only to Upbit in the country. Over the past day, Bithumb recorded approximately $576 million in trade volume.
Korean media coverage
MBC, KBSAnd JTBC each released reports about the June 8 raid hours after the early morning execution of the search warrant. MBC’s Imnews.imbc.com reported the action around 1:29 p.m. local time. KBS confirmed the second raid around 3:15 p.m., noting Kim’s 13 suspicions and seven prior summonses. JTBC published a separate account covering the morning hour and the son’s approximately six months of employment. Several other regional media covered Monday’s investigation.
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 for suspected tax evasion. Seoul police returned in 2020 for suspicion of investment fraud linked to token listings. Prosecutors carried out raids in 2023 over allegations of price manipulation of locally issued tokens, and again in 2025 over allegations of embezzlement involving a former executive.
A separate incident in February 2026 attracted scrutiny when a system error during a promotion accidentally credited the user accounts of approximately 620,000 users. BTCcausing a brief market disruption on the platform. This event triggered an investigation by the Financial Monitoring Service and actions by the Financial Intelligence Unit, including a notice of partial suspension and disciplinary action against the CEO. This situation did not constitute a police raid and is distinct from the ongoing criminal investigation.
What comes next
Police said several aspects of the broader investigation into Kim Byung-ki require further work before conclusions can be drawn. No formal charges have been announced. If materials were seized on Monday, it could speed up the timeline.
