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South Korean police have booked Bithumb CEO Lee Jae-won as a suspect in a bribery probe tied to lawmaker Kim Byung-kee. The Seoul Metropolitan Police Agency’s Public Crime Investigation Unit is reviewing hiring claims involving Kim’s son and a former aide. Investigators are also examining whether Kim’s legislative work against Dunamu is linked to those hiring requests.
Yonhap reported on Thursday that investigators obtained a statement from Kim’s former aide. The statement said Kim asked Lee in November 2024 to hire his second son at Bithumb. Kim’s son later joined the exchange and worked there for six months, according to Nocut News.
The agency also reportedly found that Kim asked Bithumb to hire one of his aides. That aide joined Bithumb last September and has continued working there. Investigators are now checking the timing of those hires and the surrounding communications.
The probe has moved through several stages. Police already carried out two search and seizure operations in the case. On June 8, they named Lee as a suspect in a second search warrant and searched Bithumb’s headquarters in Gangnam-gu and other sites.
Investigators are also reviewing Kim’s public role in South Korea’s National Assembly. Kim served on the Financial Affairs Committee and the Political Affairs Committee. The latter oversees the Financial Services Commission.
Authorities suspect Kim pushed legislative activity against Dunamu, the company behind Upbit. According to Yonhap, that activity included concerns over Upbit’s market dominance. Police are checking whether those actions are connected to the hiring requests involving Bithumb.
Kim had already appeared in the case earlier. During a search in February, investigators listed him as a bribery suspect over alleged preferential treatment for his son. At that time, police treated Bithumb as a witness rather than a suspect.
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The bribery case adds fresh pressure on Bithumb during an already difficult year.
South Korean regulators fined the exchange 36.8 billion won, or about $24.5 million, for anti-money-laundering violations. The company also faced questions after an internal error in February briefly credited users with huge Bitcoin balances.
Bithumb later delayed its initial public offering plans until after 2028. It said it would strengthen accounting and internal controls before moving forward. The exchange now faces another test as police review seized materials and prepare possible questioning.
Yonhap said investigators may summon the aide and others linked to the hiring claims.
They plan to examine the hiring process, the requests behind it, and any link to Kim’s legislative activity. The authorities have not announced final findings, and the allegations remain unproven in court.
South Korean police have booked Bithumb CEO Lee Jae-won as they investigate bribery claims tied to lawmaker Kim Byung-kee. The probe centers on alleged hiring requests, possible links to crypto policy pressure, and Bithumb’s internal controls. The case remains under review, with final findings still pending.
