Seoul Police Name Bithumb CEO a Bribery Suspect

The Seoul Metropolitan Police Agency’s Public Crime Investigation Unit named Bithumb CEO Lee Jae-won a suspect in a bribery investigation and detained him after executing a second search-and-seizure warrant at the exchange’s Gangnam offices on June 8. Authorities upgraded Lee’s status from witness to suspect.

Police allege Lee arranged employment at Bithumb for the son of independent lawmaker Kim Byung-ki and for one of Kim’s congressional aides in return for favorable treatment. Investigators say the hiring followed a meeting in Mapo in November 2024.

Investigators obtained a statement from a former aide to Kim who described a restaurant meeting where the job request was made. The lawmaker’s son reportedly began working at Bithumb in January 2025 and remained for about six months. The aide, identified only as “A,” is reported to have joined Bithumb in September 2024 and later held an advisory role.

Authorities are examining whether Kim, a member of the National Assembly’s Political Affairs Committee, used his legislative position to press issues against Dunamu that could have benefited Bithumb. The inquiry into Kim began before the June raid; during a February search police named Kim the primary suspect in a broader probe that includes 13 separate allegations, among them claims of accepting cash from local council members and alleged misuse of a corporate card by his spouse.

Bithumb rejected allegations of illegal conduct, saying its hiring procedures complied with regulations and describing the former aide’s advisory role as informal and unrelated to the recruitment of Kim’s son. The company indicated it will cooperate with investigators. Kim has been summoned by authorities several times as part of the investigation.

Authorities will review materials seized in the latest raid and summon the aide known as “A” and other involved parties to determine who knew about or acted on the alleged job solicitation. Prosecutors and police continue to gather evidence and interview witnesses to determine whether employment offers were linked to legislative actions.