South Korean police have booked Bithumb CEO Lee Jae-won as a bribery suspect, intensifying a corruption investigation tied to alleged job favors for the son of independent lawmaker Kim Byung-kee. The Seoul Metropolitan Police Agency's Public Crime Investigation Unit is probing whether Lee helped secure employment at Bithumb after a request from Kim, who served on the National Assembly’s Political Affairs Committee overseeing the Financial Services Commission.
The case centers on claims that Kim asked Bithumb to hire his second son during a November 2024 restaurant meeting in Seoul's Mapo district. The son reportedly joined Bithumb in January 2025 and worked there for about six months. Investigators are also examining whether Kim later used his legislative position to target Bithumb rival Dunamu (operator of Upbit) on “monopoly issues,” possibly benefiting Bithumb in return for the hiring favor. Police suspect Kim’s parliamentary activities may have been linked to the alleged employment request.
A former aide stated that Kim met Lee at the restaurant and raised the job request. Additionally, police are checking whether Kim asked Bithumb to hire one of his own aides, who joined the exchange in September last year. Lee was named as a suspect in a second search warrant executed on June 8, covering Bithumb’s headquarters in Gangnam-gu and other locations. An earlier search in February had listed Kim as a bribery suspect, with Bithumb then treated as a witness. Seized materials are now being reviewed, and police may summon individuals involved in the hiring process.
The probe adds to a difficult year for Bithumb, which earlier faced a $24.5 million fine and partial suspension from regulators over anti-money laundering deficiencies, a court-ordered stay on that suspension, a massive Bitcoin balance display error, and delayed IPO plans until after 2028. Kim faces 13 separate suspicions including nomination bribery and has been summoned multiple times. The allegations against Lee, Kim and others remain unproven, and police have not announced final findings.
