Weeks after his son's hiring, Kim made critical comments about Upbit at committee meetings in February 2025.
He referenced an exchange that was "the last to suspend trading" during the Terra ecosystem collapse in May 2022 - a clear reference to Upbit.
The report also alleges that Bithumb's government relations team received bonuses "up to seven times their base salary" for securing the hiring.
Kim denied wrongdoing, stating his son's employment "has absolutely nothing to do with me."
Former aides filed a criminal complaint against Kim after claiming his wife secretly accessed their private communications.
Why It Matters
Upbit controls approximately 72% of South Korea's cryptocurrency trading market in the first half of 2025, according to regulatory data.
The allegations emerged during a critical period for both exchanges.
Naver announced plans in November to acquire Dunamu in a $10.3 billion stock-swap deal requiring regulatory approval.
Kim is expected to address the allegations publicly on December 30.
The opposition People Power Party has demanded his immediate resignation.
The scandal adds to broader ethics concerns after separate reports alleged Kim received luxury hotel accommodations from Korean Air worth $1,100.
Kostiantyn Tsentsura is a Content Writer at Yellow.com with over 8 years of experience in crypto, dedicating the last 4 years to writing about the industry. Based in Kyiv, he’s passionate about football, fishing, and kayaking. When he’s not tracking market trends or exploring crypto news, you’ll find him on the water—because even in crypto, sometimes it’s best to just go with the flow.
