South Korean police book Bithumb CEO as bribery suspect in lawmaker hiring probe: report

Business•June 11, 2026, 5:57AM EDT
Make us preferred on Google
Bithumb
Partner offers

Quick Take

  • South Korean police have named Bithumb CEO Lee Jae-won in a bribery case linked to local lawmaker Kim Byung-kee.
  • Police are investigating whether the employment of Kim’s son was linked to legislative actions Kim took against Upbit operator Dunamu.

We'd love your feedback.

Advertisement

South Korean police have booked Lee Jae-won, CEO of crypto exchange Bithumb, as a suspect in a bribery case linked to a local politician.

According to a Thursday report by Yonhap, the Seoul Metropolitan Police Agency's Public Crime Investigation Unit is investigating Lee and Bithumb on bribery-related allegations tied to the hiring of the son of Kim Byung-kee, an independent member of South Korea's National Assembly.

Police reportedly obtained a statement from Kim's former aide that in November 2024, the South Korean lawmaker asked Lee to hire his second son at Bithumb. Kim's son was hired two months later and worked at the crypto exchange for six months, local news outlet Nocut News reported.

The Yonhap report said Kim also requested Bithumb to hire one of his aides, who was subsequently hired last September and has been working at Bithumb since.

Seoul Police reportedly allege that Kim, who was a member of the Financial Affairs Committee at the assembly, carried out legislative activities against Dunamu, the company behind Bithumb's rival exchange, Upbit. This includes raising concerns about Upbit's market monopoly.

Thursday's development follows months of police investigation into the relationship between Kim and Bithumb, including two search and seizures.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.