Korean Lawmaker Accused of Attacking Upbit to Benefit Son at Bithumb
A South Korean lawmaker is being investigated for allegedly using his position to attack Upbit after his son joined rival exchange Bithumb.Summary
South Korean police are investigating senior ruling party lawmaker Kim Byung-kee over allegations that he abused his parliamentary influence to target cryptocurrency exchange Upbit following his younger son's employment at competitor Bithumb. An aide claims Kim met with Dunamu (Upbit's operator) executives while promoting his son's resume, and subsequently instructed staff to prepare questions attacking Upbit's market dominance, stating it needed to be "shut down." This alleged action occurred after his son joined Bithumb in January 2025. The allegations are part of broader corruption claims, including securing his elder son's employment at the National Intelligence Service (NIS) through questionable means. The scandal occurs amid intense competition in the Korean crypto market, where Upbit holds a 63% market share, though its dominance is slipping against Bithumb, which has significantly increased marketing spending. Kim has denied any wrongdoing.
(Source：BeInCrypto)