South Korea Police Detain Bithumb CEO Lee Jae-won as Bribery Probe Widens After Raid

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 accused of moving forward with the hiring of independent Rep. Kim Byung-ki’s second son after receiving an employment request from the lawmaker. The investigation gained momentum after police obtained a statement from a former aide to Kim, who alleged that the lawmaker and the Bithumb CEO met at a restaurant in Mapo, Seoul, in November 2024, where the job solicitation allegedly took place. The son later worked at Bithumb for approximately six months starting in January 2025.

Investigators suspect that Kim, who served on the National Assembly’s Political Affairs Committee, may have tailored his legislative activities to benefit Bithumb in exchange for his son’s employment. Authorities are looking into whether Kim intentionally targeted Bithumb’s primary competitor, Dunamu, by focusing legislative pressure on that company’s market monopoly issues.

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.

The scope of the investigation expanded on June 8 when police executed a second search-and-seizure warrant at Bithumb’s headquarters in the Gangnam district of Seoul, formally designating CEO Lee—previously treated as a witness—as a suspect on allegations of offering bribes.

During an initial raid on Bithumb’s offices in February, police had listed Representative Kim as the primary suspect. Kim faces a broader corruption probe involving 13 separate allegations, including claims of accepting cash payments from local council members and the misuse of a corporate card by his spouse. He has been summoned by authorities multiple times as part of the months-long investigation.

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.

Following an analysis of the materials seized during the latest raid, police are expected to summon the aide and other involved parties for questioning regarding the circumstances of their employment and whether they were aware of the job solicitation.