South Korean authorities are now investigating Bithumb CEO Lee Jae-won as a suspect in a bribery case, after previously considering him only as a witness.
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Key Takeaways:
- South Korean police named Bithumb CEO Lee Jae-won a bribery suspect after a second raid on the cryptocurrency exchange.
- Bithumb allegedly gained an unfair edge as MP Kim targeted its rival Dunamu on monopoly issues.
- Next, Seoul police will summon aide A and others to unpack the 2024 hiring solicitation claims.
Allegations of Job Solicitation
South Korean police have detained the CEO of cryptocurrency exchange Bithumb as a suspect in an ongoing bribery investigation involving allegations of preferential hiring for the son and an aide of an independent lawmaker, officials said. The Seoul Metropolitan Police Agency’s Public Crime Investigation Unit is reportedly investigating Bithumb CEO Lee Jae-won on charges including bribery.
Lee is facing accusations of hiring the second son of Rep. Kim Byung-ki after receiving a request from the representative himself. This investigation picked up speed when police interviewed a former aide to Kim, who claimed that Kim and the CEO of Bithumb met in Seoul in November 2024 and discussed the job opportunity. The son then worked at Bithumb for about six months beginning in January 2025.
Investigators believe a National Assembly member, Kim, may have used his position to help the cryptocurrency exchange Bithumb in return for a job for his son. They are also examining whether he deliberately put pressure on Bithumb’s rival, Dunamu, by raising concerns about its dominance in the market.
Additionally, police are investigating separate allegations that Kim pressured Bithumb to hire another one of his congressional aides, identified only as “A,” who has reportedly been employed at the cryptocurrency exchange since September of last year. Police are checking whether this aide’s later advisory role at Bithumb was connected to the broader alleged quid pro quo.
On June 8th, the police investigation widened when they searched Bithumb’s Seoul headquarters again. As a result, the CEO, Lee, who had previously been questioned as a witness, is now officially considered a suspect in a bribery case.
As part of my research into recent events surrounding Bithumb, I’ve been following the case of Representative Kim closely. Police initially identified him as a key suspect during a raid on Bithumb’s offices back in February. The situation is complex – he’s currently under investigation for multiple counts of alleged corruption, including accusations that he received cash from local officials and that his spouse misused a company credit card. He’s been called in for questioning by authorities several times over the past few months as they continue to build their case.
Bithumb has denied any wrongdoing, stating that its hiring process was proper and compliant with regulations. The company also maintained that the former aide’s advisory role was informal and entirely unrelated to the employment of Kim’s son.
After reviewing evidence from the recent search, police plan to call in the aide and others connected to the case. They want to ask about their jobs and if they knew anything about how the positions were offered.
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2026-06-13 13:57