South Korean police booked Bithumb CEO Lee Jae-won on bribery charges June 8, accusing him of hiring a lawmaker's son for legislative help against rival Dunamu.
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South Korean police booked Bithumb CEO Lee Jae-won on bribery allegations June 8, accusing him of offering a job to a lawmaker's son in exchange for legislative pressure against a competitor. Investigators raided the exchange’s offices a second time, naming Lee as a formal suspect.
The deal traces to a November 2024 meeting with Kim Byung-ki, a member of the National Assembly Political Affairs Committee. Lee allegedly agreed to hire Kim’s son in return for Kim using his committee position to escalate scrutiny on Dunamu, the parent company of rival exchange Upbit. A former aide later told investigators the pressure on Dunamu was tied directly to the employment arrangement. Kim also pushed Bithumb to take on an aide from his own office. His son was hired in January 2025 and worked at the exchange for roughly six months before police began looking into the case.
Police had searched Bithumb’s premises earlier in 2025 over the same alleged hiring arrangement. The June 8 raid escalated the probe by naming Lee as a booked suspect, putting him in a more exposed legal position. In South Korea, a booking means investigators believe they have enough evidence to proceed with charges.
Kim Byung-ki is under separate scrutiny beyond the Bithumb deal. Investigators are examining whether he used his influence to secure favorable conditions for his son’s university transfer. Questions also surround whether Kim received dubious political funding tied to the broader scheme. No charges have been confirmed on those fronts.
The booking is the latest in a string of legal troubles for Bithumb. Former CEO Kim Dae-sik was implicated in fund misappropriation, leading to a separate raid last year. Lee Sang-jun, CEO of Bithumb’s parent company, faced bribery allegations over crypto listings. A 2023 investigation involved Bithumb and Upbit over suspicious crypto holdings linked to a different lawmaker.
South Korean authorities have shown a willingness to pursue major exchanges. The Financial Services Commission can revoke or suspend exchange licenses for executive misconduct. Bithumb’s repeated legal problems put its operating license under added scrutiny. The company has not commented on the current allegations against Lee.
Lee Jae-won remains booked. Kim Byung-ki is a suspect. Kim’s son worked at Bithumb for six months.
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