South Korean police have raided Bithumb as part of a widening investigation into alleged nepotism involving independent lawmaker Kim Byung-gi. The probe centers on whether Kim sought to influence employment opportunities for his son at multiple crypto firms, including Bithumb and Dunamu, the operator of rival exchange Upbit, according to a News1 report.

News1 noted that Kim’s son joined Bithumb in January 2025 and remained employed for about six months, prompting authorities to assess whether political pressure or preferential treatment affected the hiring process. The investigation has since expanded beyond the initial hiring claims to examine potential misuse of political influence within the crypto sector.

According to Cointelegraph, allegations of hiring favoritism and influence-peddling remain highly sensitive in South Korea, a country that has grappled with a series of political and corporate scandals related to insider networks and power used to secure advantageous outcomes.

Key takeaways

• Law enforcement action targets Bithumb in connection with a broader nepotism probe involving an independent lawmaker and his family ties to the crypto industry.
• The investigation has broadened from hiring practices at Bithumb to potential misuse of political influence in relation to crypto firms, including Upbit’s operator, Dunamu.
• Kim Byung-gi has faced repeated questioning as authorities pursue possible criminal conduct linked to his official position, with reports of 13 allegations including nomination bribery and employment-related favors.
• Bithumb sits under regulatory scrutiny for AML/KYC deficiencies, with historical penalties illustrating the intensifying compliance regime affecting major exchanges in Korea.
• Judicial action temporarily paused part of the regulator’s enforcement, signaling ongoing legal contest over the scope and severity of the penalties in a tightly watched sector.

Legal trajectory and investigative scope

Police have questioned Kim multiple times as they probe potential criminal conduct connected to the alleged misuse of his public position. The scope of the inquiry widened after reports that Kim, while serving on the National Assembly’s Political Affairs Committee—the body overseeing the nation’s financial regulator—consistently directed questions at Dunamu during proceedings. This has raised concerns about possible efforts to assist the company where his son was employed, and whether such conduct constitutes improper influence over regulatory outcomes or corporate opportunities.

Authorities have previously summoned executives from crypto exchanges for questioning in February and conducted a search and seizure at Bithumb’s headquarters and the Bithumb Financial Tower, according to coverage cited in reporting on the case. As the investigation continues, Kim was questioned again in April on 13 separate allegations, including nomination bribery, employment-related favors involving his son, and a purported request related to a university transfer. He has publicly expressed confidence that he will be cleared of wrongdoing, though no public closure has been announced.

Bithumb and regulatory action: a lens on compliance and enforcement

Bithumb has been under regulatory scrutiny for AML and compliance deficiencies. In March, financial regulators issued a fine of $24.5 million and ordered a six-month partial suspension, citing shortcomings in Know Your Customer and broader AML controls and imposing restrictions on onboarding new users as part of the penalty package. These actions highlight the regulator’s willingness to impose material sanctions on major exchanges to tighten governance and risk controls within the sector.

In late April, a South Korean court temporarily blocked the implementation of the suspension order after Bithumb challenged the regulator’s decision, pausing enforcement while legal proceedings continue. The judicial action illustrates the balance regulators seek to strike between enforcing compliance standards and allowing ongoing operations to proceed while disputes are resolved. Bithumb did not respond to Cointelegraph’s request for comment by publication.

Regulatory watch and governance implications for Korea’s crypto ecosystem

The case against Bithumb and the surrounding nepotism inquiry underscore the tightening regulatory environment in South Korea’s crypto markets. Authorities are increasingly tying governance practices, internal controls, and regulatory liaising to enforcement actions, signaling a broader push to align the industry with formal AML/KYC standards and licensing expectations. The developments come amid ongoing discussions about licensing regimes, the role of exchanges in consumer protection, and the solidity of corporate governance structures within fintechs and crypto firms linked to politically exposed individuals.

From a policy perspective, the episode reinforces the importance of robust independent oversight of both financial regulators and market participants. As Korea continues to refine its regulatory toolkit—reaffirming commitments to AML/KYC compliance, and tightening supervision of exchange onboarding and customer controls—institutions operating in the space should anticipate potential further action, additional inquiries, and heightened scrutiny of governance and hiring practices. The episode also intersects with broader global patterns in crypto regulation, where authorities are seeking clearer lines between political influence, corporate decision-making, and market access.

Closing perspective

As investigations unfold, the Bithumb case will likely influence how regulators assess hiring governance, conflicts of interest, and the integrity of licensing and oversight processes in Korea’s crypto sector. Watch for further summonses, potential charges, and any tightening of enforcement or regulatory guidance that could shape compliance expectations for exchanges and affiliated firms in the months ahead.

Bitcoin is flashing a curious mix of stress and accumulation as momentum indicators grind to historic lows while on-chain data shows steady purchasing across a broad spectrum of holders. With the daily and two-week RSI at unprecedented lows, analysts say the brewing combination could shore up a long-term buying thesis even as near-term volatility persists.

Over the past two months, wallets holding 1,000–10,000 BTC have added roughly 53,000 BTC, underscoring sustained demand among larger, non-retail investors. At the same time, smaller retail participants have been stepping up, supporting a broader-based accumulation narrative that several observers describe as the strongest signal for a secular BTC bid in years.

Key takeaways

• Bitcoin’s lowest readings ever on the two-week and daily RSI coincide with ongoing on-chain accumulation across multiple investor cohorts.
• Smaller holders are among the most active buyers, with the Accumulation Trend Score pointing to the highest activity among wallets under 0.1 BTC (0.78) and those in the 10–100 BTC range (0.71), according to Glassnode data via CryptoQuant.
• Over 60 days, large collectors in the 1,000–10,000 BTC band added 53,042 BTC, while mid-sized wallets (100–1,000 BTC) added 12,233 BTC and 10–100 BTC wallets added 1,283 BTC. In contrast, the largest address class (>10,000 BTC) reduced holdings by 39,840 BTC, and some 1–10 BTC addresses trimmed exposure.
• Analysts frame potential bottom zones using price-structure tools: a quarterly fair value gap (FVG) spanning roughly $56,800 to $44,600 could prove pivotal if downside pressure resumes.
• Long-term valuation signals from the CVDD method suggest a floor around $46,000, with a potential bottom in the $52,000–$59,000 range if the pattern repeats from prior cycle lows.

BTC accumulation grows across key cohorts

Prominent crypto strategist Michael van de Poppe underscored Bitcoin’s troubling momentum readings as a rare but potentially constructive setup for the patient investor. “The lowest Bitcoin read on the 2-Week RSI, and Daily RSI EVER. That’s the best thesis for accumulating and buying your Bitcoin,” van de Poppe said, noting that panic-driven selling could persist but may yield meaningful buying opportunities for long-horizon participants.

On-chain signals bolster the case for a broad-based accumulation narrative. Glassnode’s Accumulation Trend Score—arranged in part through CryptoQuant’s dashboard—highlights the strongest buying activity among smaller holders and select mid-sized investors. Wallets with less than 0.1 BTC carry a score of 0.78, the highest among tracked cohorts, while the 10–100 BTC cohort sits at 0.71, indicating consistent purchasing pressure spread across these groups.

Meanwhile, activity among larger holders presents a mixed picture. In the last 60 days, wallets holding between 1,000 and 10,000 BTC added 53,042 BTC—the largest increase observed across the cohorts. The 100–1,000 BTC band contributed another 12,233 BTC, and the 10–100 BTC tier added 1,283 BTC. This pattern suggests sustained demand from both notable non-whale actors and a broad swath of mid-sized holders.

Yet the largest entities pulled back. Addresses with more than 10,000 BTC reduced balances by 39,840 BTC in the same timeframe. The smaller 1–10 BTC group also trimmed exposure, painting a nuanced picture: whales below the top tier remain engaged, while larger holders weighed the current price action differently. Taken together, the data points to a mixed but constructive on-chain stance where non-whale and retail accumulation sits alongside selective whale activity.

Bottom prospects and price-structure signals

Beyond raw accumulation, market technicians are eyeing potential bottom zones through price-structure lenses. Titan of Crypto highlighted a quarterly fair value gap (FVG) that sits between roughly $56,800 and $44,600. An FVG marks a price region left with relatively sparse trading following sharp moves, which often serves as a magnet for price action as markets seek balance after volatility.

The quarterly chart framework also notes that Bitcoin has revisited similar imbalance regions after major cycles in 2011, 2013, 2017, and 2020 before forming a bottom. The latest gap, formed in 2024, remains unfilled and thus could play a critical role if the current correction resumes. In other words, the $56,800–$44,600 range stands out as a meaningful bracket to monitor as downside risk unfolds.

Adding to the valuation dialogue, Rafael, a co-founder of Glassnode, cited Bitcoin’s cumulative value days destroyed-to-price ratio (CVDD). The CVDD framework compares the market price to a cost-basis floor derived from coin-holding behavior, offering a long-horizon lens on fair value. The current CVDD standing sits near 0.73, a level that historically rises toward 1.0 near major cycle bottoms. If this dynamic plays out again, the CVDD would imply a potential bottom in the vicinity of $52,000–$59,000, with a floor around $46,000 anchored by the on-chain cost basis.

In sum, the combination of pronounced RSI weakness, broad on-chain accumulation, and structural price gaps provides a multi-faceted framework for identifying potential bottoming conditions. While there is no single signal guaranteeing a turnaround, the alignment of retail and mid-sized buyer activity with historically meaningful price imbalances and valuation anchors strengthens the case for a patient, cautious approach to BTC exposure in the near term.

What to watch next for BTC traders and investors

As markets digest the current mix of on-chain signals and macro cues, traders should monitor whether the current accumulation persists in the face of renewed volatility. If the FVG remains unfilled and the CVDD continues to approach prior bottom-like thresholds, the case for a structural trough could tighten. Conversely, a decisive break below the lower end of the FVG or a sustained divergence in on-chain activity could complicate the setup.

Investors may find value in watching how smaller and mid-sized holders respond to any renewed price weakness, as their current activity levels serve as a counterpoint to the behavior of the largest wallets. The coming weeks will be telling for whether the observed accumulation translates into sustained price support or whether macro headwinds will drive another leg lower.

Related coverage continues to track how macro flows, ETF activity, and exchange dynamics interplay with on-chain signals as Bitcoin navigates the current corrective phase.

Readers should stay attentive to further breakdowns of the accumulation data by cohort and to any shifts in the CVDD signal as new price data emerge—these elements will help frame possible routes for BTC in the months ahead.

Sources: Glassnode (Accumulation Trend Score), CryptoQuant dashboard, on-chain wallet data; statements and analyses from Michael van de Poppe; Titan of Crypto; Rafael (Glassnode co-founder) on X.

Nvidia has announced new South Korean partnerships with SK Hynix, Naver, SK Telecom, Doosan Group, LG Group, and Hyundai Motor Group. The agreements came during CEO Jensen Huang’s visit to South Korea, where he met several corporate leaders.

• Nvidia announced South Korean AI partnerships with SK Hynix, Naver, SK Telecom, Doosan, LG, and Hyundai.
• SK Hynix signed a multi-year memory partnership to support Nvidia’s global AI data center plans.
• South Korea’s Kospi fell 8.3%, while Samsung and SK Hynix shares dropped after a strong tech rally.

The companies did not disclose the financial value of the deals. Nvidia said the partnerships cover memory chips, AI data centers, robotics, mobility, and industrial AI systems.

SK Hynix deepens Nvidia memory partnership

According to SK Group, SK Hynix signed a multi-year technology partnership with Nvidia. The deal focuses on advanced memory products for global AI data centers. SK Hynix and Nvidia said the agreement will help supply meet Nvidia’s expansion plans. Nvidia has expanded its work across robotics, personal computers, and AI supercomputers. Memory chip producers have faced rising demand from AI infrastructure projects.

Huang said SK Hynix remains Nvidia’s largest memory partner. “SK Hynix has been Nvidia’s largest memory partner,” Huang said after meeting SK Group Chairman Chey Tae-won. He added that SK Hynix would continue holding that role. Huang also said Nvidia already buys billions of dollars in products from the company each year. He said those purchases would grow substantially.

Huang said SK Hynix’s plan to double memory wafer capacity by 2030 would not meet AI demand. He said the agreement would run for more than two years, with extension options. SK Hynix competes with Samsung Electronics and Micron Technology in memory chips. NH Investment & Securities analyst Ryu Young-ho said the deal showed memory chips becoming more customer-specific. The partnership came as AI data centers need more high-bandwidth memory.

Nvidia adds AI data center partners

SK Telecom said it will build a gigawatt-scale AI cloud in South Korea using Nvidia technology. The company expects its first AI data center under the plan to come online in 2027. Nvidia said Naver and Doosan will also use its technology for AI data centers. Doosan develops robots and makes materials used in Nvidia’s Blackwell chips. The company expects its energy solution to support Nvidia data center platforms.

Nvidia is also working with LG Group on electronics, mechanical systems, and humanoid robot AI. Huang said the companies discussed future data center architecture with LG Chairman Koo Kwang-mo. The work includes cooling, power delivery, and data center design. After meeting Hyundai Motor Group Executive Chair Euisun Chung, Huang said Nvidia would deepen AI collaboration. The areas include autonomous mobility, robotics, and AI-powered manufacturing.

Huang also referred to Hyundai’s planned AI data center in Saemangeum as an “AI Valley.” He said he was “very happy to build Nvidia in Saemangeum.” South Korea’s tech ministry separately said it plans to secure 9,704 GPUs for a state AI project. The 2026 project is worth 2.08 trillion won. The planned order includes 2,016 Nvidia Vera Rubin GPUs.

South Korea chip stocks fall after rally

South Korea remains a major manufacturing base for chips, electronics, cars, and ships. SK Hynix and Samsung are the world’s two largest memory chip makers. The country’s Kospi index had doubled in six months before Monday’s decline. AI demand had supported gains in several major South Korean technology stocks. However, global tech shares dropped after strong U.S. jobs data raised rate-hike expectations.

The Kospi closed 8.3% lower on Monday. Samsung shares fell 10.2%, while SK Hynix shares dropped 7.7%. Huang dismissed concerns when asked about the chip stock selloff. “Everybody should be very excited,” Huang said. He added that people could now buy stock at a cheaper price.

Samsung Electronics co-CEO Jun Young-hyun also met Huang during the visit. Jun said they discussed cooperation on next-generation foundry chips. He said talks covered autonomous driving chips, HBM5 memory, and Groq’s AI LP30 chips. Samsung said those Groq chips are scheduled for shipment in the second half of this year. The discussions added another chip-related item to Huang’s South Korea schedule.

MetaMask launched a self-custodial cryptocurrency wallet that allows artificial intelligence agents to transact across decentralized finance protocols within user-defined spending and security controls.

Users can connect the Agent Wallet to AI agent frameworks and authorize software agents to operate within protocol allowlists. The wallet is compatible with frameworks including OpenAI Codex, Claude Code, OpenClaw and Hermes, according to MetaMask.

MetaMask said transactions initiated by AI agents are screened through transaction simulation, threat detection and MEV protection systems before execution. Transactions flagged as malicious or outside a user’s predefined rules require manual approval.

Source: MetaMask

The wallet supports token swaps, perpetual futures trading, prediction markets and liquidity provision across Ethereum-compatible networks and Hyperliquid. MetaMask said transactions deemed safe by its security systems are covered by up to $10,000 in loss protection.

The product is currently available to a limited group of users through an early access program, with broader availability planned later this summer.

Related: MetaMask co-founder Dan Finlay leaves Consensys after 10 years

Industry interest grows in AI-powered transactions

Cryptocurrency companies are rushing to build infrastructure that allows AI agents to manage digital assets and make payments autonomously.

In February, Coinbase introduced Agentic Wallets, which allow AI agents to spend, earn and trade cryptos while interacting autonomously with onchain applications.

In May, Fireblocks launched Agentic Payments Suite, a platform designed to help AI agents send and receive stablecoin payments through Coinbase’s x402 protocol.

Cumulative agentic transfer volumes on Base. Source: Chainalysis

AI-driven payment activity appears to be gaining traction quickly. A June 3 Chainalysis report found that wallets using Coinbase’s x402 agent payment protocol generated more than 100 million transactions on Base within roughly nine months of launch.

The push extends beyond the crypto industry. In April, Visa launched Intelligent Commerce Connect, a platform that allows artificial intelligence agents to browse, select and pay for goods on behalf of consumers.

The growing interest has prompted bullish forecasts from crypto executives. Circle CEO Jeremy Allaire said billions of AI agents could be transacting with cryptocurrencies and stablecoins within three to five years. Former Binance CEO Changpeng Zhao said that crypto will become the native payment rail for autonomous software.

Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?