Scandal Alert: Politician’s Shocking Crypto Shenanigans Exposed! 🚨

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South Korean police are investigating allegations that Kim Byung-kee, a senior lawmaker from the ruling Democratic Party of Korea, pulled a Herculean stunt to sabotage cryptocurrency exchange Upbit after his son landed a job at rival platform Bithumb. Because of course he did. 🙄

Kim, a 25-year veteran of the National Intelligence Service who later traded spy games for politics, now faces at least nine corruption allegations. Spoiler: Most involve “I did it for the family business” energy. 💁‍♂️

Plot twist! Son joins Bithumb, then Upbit’s public execution begins 🎭

According to reports, Kim’s sudden obsession with crypto exchanges began after joining the National Assembly’s Political Affairs Committee post-2024 election. Suspicious? No! Because who wouldn’t randomly fixate on Dunamu (Upbit’s operator) and Bithumb? 🤷‍♀️

Here’s the tea: Kim allegedly dragged his younger son to dinner meetings with Dunamu’s CEO, resume in hand. 😏 The son? Rejected by Upbit. But guess who hired him in January 2025? Bithumb! Shocking. 🎯

Then came the plot twist. Kim allegedly told staff to “attack Dunamu’s monopoly” and “shut them down,” because nothing says ethics like weaponizing your parliamentary gig for family drama. 📢 In February 2025, he grilled the Financial Services Commission about Upbit’s “monopolistic practices.” The FSC chief, clearly unimpressed, said, “We’ll talk to the Fair Trade Commission.” A former aide spilled the beans: “He targeted Upbit because his son joined Bithumb.” No cap. 🙈

Nepotism: His middle name? Literally. 😂

But wait-there’s more! Kim’s alleged antics include securing his elder son’s NIS job in 2016 via a leaked recording where his wife pressured officials. “I need confirmation he gets hired,” she allegedly said. And surprise! A “special recruitment process” materialized. Four months later, junior got the gig. Because ethics are so 2016. 🤡

Other highlights: Kim allegedly visited a university president to secure his younger son’s admission, pocketed hotel vouchers from Korean Air during a merger review, and let his wife misuse a council expense card. Truly, a family affair. 🎩

Korea’s Crypto Wars: Bithumb vs. Upbit (And Why It Matters) 💸

South Korea’s crypto scene is juicier than a K-drama. Upbit leads with 63% trading volume, but Bithumb’s marketing budget exploded from 16.1 billion won to 192.2 billion won in 2024. Coincidence? Maybe not. 🚀

With Binance prepping to acquire Gopax, the stakes are high. And this scandal? It’s asking the million-dollar question: Who’s pulling the regulatory strings? 🎮

Kim denies all. The drama continues. 🎬

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2026-01-07 04:35