South Korean police are investigating Bithumb CEO Lee Jae-won in a bribery-related case tied to hiring decisions at the crypto exchange. Bithumb has also been booked as a suspect. The main question is whether jobs given to people connected to a National Assembly member were linked to legislative actions that may have benefited the exchange.
Police Book Lee Jae-won and Bithumb
According to Yonhap, the Public Crime Investigation Unit of the Seoul Metropolitan Police Agency booked Lee and Bithumb in a case involving independent lawmaker Kim Byung-kee. Investigators are examining whether the exchange hired people linked to Kim while he held a position with influence over financial policy matters.
Investigators reportedly secured testimony from Kim’s former aide, who said the lawmaker asked Lee in November 2024 to hire his second son. Two months later, Kim’s son joined Bithumb and stayed at the company for six months, according to local media reports. Authorities are also reviewing the hiring of one of Kim’s aides. Reports say that aide joined Bithumb in September last year and is still employed by the company.
Probe Expands Beyond the Hiring Process
The case now extends past the employment decisions themselves. Police are reviewing contacts between Kim and Bithumb and checking whether any benefits were exchanged through hiring arrangements and political activity. The review also covers Kim’s conduct while serving on the National Assembly’s Financial Affairs Committee.
Local media allegations cited in the reports say Kim carried out legislative activities aimed at Dunamu, the operator of rival exchange Upbit. Those actions reportedly included raising concerns about Upbit’s market dominance. Investigators are assessing whether those moves were connected to requests involving the employment of Kim’s son and aide.
Two Search Operations Intensify Attention
Police have spent months examining the relationship between Kim and Bithumb. During that period, investigators carried out two separate search and seizure operations. The case has drawn broad attention in South Korea’s crypto sector because it involves one of the country’s major digital asset exchanges and a sitting member of the National Assembly.
So far, authorities have not announced formal charges against Kim Byung-kee. The investigation remains active, with police continuing to review whether Bithumb’s hiring decisions were tied to political actions connected to the lawmaker.