Rich by Coin

Bithumb has denied claims that it colluded with South Korean lawmaker Kim Byung-ki to undermine Upbit amid reports of coordination with a parliamentary critic of Upbit’s operator, Dunamu. A KBS report suggested that a Bithumb employee provided Kim’s aides with materials critical of Upbit during a parliamentary audit, intensifying scrutiny of the exchange.

The allegations claim that Kim attacked Upbit in parliament after arranging an internship for his son at Bithumb, though Bithumb says its hiring practices are transparent and fair. The controversy has sparked police investigations and calls for Kim’s resignation from the Democratic Party, while Kim denies the allegations and his representatives call the reports groundless. The case underscores ongoing scrutiny of exchange dynamics in the market, drawing attention from regulators and investors alike as investigations continue.