Bithumb CEO under investigation by South Korean police for suspected bribery

The South Korean police have listed Bithumb CEO Lee Jae-won as a suspect in a bribery case related to the employment of Kim Byung-kee's son, a member of the National Assembly of South Korea, at Bithumb. The Seoul Metropolitan Police Agency's Public Crime Investigation Unit is investigating Lee Jae-won and Bithumb, with the allegations involving Bithumb hiring Kim Byung-kee's son.

The police reportedly obtained a statement from Kim's former assistant, stating that Kim requested Lee Jae-won to hire his second son in November 2024. Kim's son subsequently joined Bithumb two months later and worked at the trading platform for six months. Kim also requested Bithumb to hire one of his assistants, who then joined Bithumb in September last year and has been working there since.

The South Korean police believe that Kim, as a member of the National Assembly's Financial Affairs Committee, engaged in legislative activities against Bithumb's competitor Upbit and raised concerns about Upbit's market monopoly. This development comes after months of investigation into the relationship between Kim and Bithumb, which included two searches and seizures.