TLDR
- South Korean police booked Bithumb CEO Lee Jae-won over alleged bribery ties to lawmaker Kim Byung-kee.
- Investigators are reviewing whether Bithumb hiring decisions were connected to political actions involving Upbit operator Dunamu.
- Kim Byung-kee’s son reportedly joined Bithumb after an alleged request made to Lee Jae-won.
- Police are examining claims that a former aide of Kim was also hired by Bithumb.
- The case follows search and seizure operations focused on relations between Bithumb and Kim Byung-kee.
South Korean police have named Bithumb Chief Executive Officer Lee Jae-won as a suspect in a bribery-related investigation connected to independent National Assembly member Kim Byung-kee. The case centers on whether employment at the crypto exchange was provided to individuals linked to Kim in return for political activity involving Dunamu, the operator of rival exchange Upbit.
According to reports citing South Korean media, the Seoul Metropolitan Police Agency’s Public Crime Investigation Unit is examining allegations tied to the hiring of Kim’s son and one of his former aides. Investigators are reviewing whether those hiring decisions were linked to Kim’s actions while serving on the National Assembly’s Financial Affairs Committee.
Police Examine Hiring Allegations at Bithumb
Police reportedly obtained testimony from a former aide who stated that Kim asked Lee in November 2024 to arrange employment for one of his sons at Bithumb. The son was reportedly hired around two months later and worked at the exchange for approximately six months, according to local news reports.
Authorities are also reviewing claims that Kim asked Bithumb to hire one of his aides, who later joined the company in September 2025. Reports said the aide has continued working at Bithumb since being hired, placing that employment decision within the wider scope of the bribery-related inquiry.
The investigation is focused on whether the employment opportunities were ordinary hiring decisions or whether they were connected to Kim’s official duties as a lawmaker. Police have not reported a final determination, and the inquiry remains ongoing under South Korean bribery laws.
Legislative Activity Involving Dunamu Under Review
Investigators are examining Kim’s past activity on the Financial Affairs Committee, where he raised concerns involving Dunamu and Upbit. Dunamu operates Upbit, which is one of South Korea’s largest cryptocurrency exchanges and a direct competitor to Bithumb.
Reports said police are reviewing whether Kim’s public and legislative actions against Dunamu were linked to requests made to Bithumb. Those actions allegedly included criticism of Upbit’s market position and questions related to competition within South Korea’s crypto trading sector.
The inquiry does not establish that Bithumb or Lee provided improper benefits, but it places the company’s hiring decisions under official review. Police are expected to assess communications, employment records, and witness testimony as part of the investigation.
Case Follows Earlier Police Searches
The latest development follows months of police attention on the relationship between Kim and Bithumb. South Korean authorities reportedly carried out two search and seizure operations before naming Lee as a suspect in the case.
Bithumb is one of South Korea’s major crypto exchanges and has faced regulatory attention as authorities increase oversight of digital asset platforms. The investigation comes as the country continues to monitor competition, governance, and political links within the cryptocurrency industry.
Kim Byung-kee has been identified in reports as an independent member of the National Assembly, while Lee Jae-won remains under investigation as Bithumb’s chief executive. The police probe is continuing, and further findings will depend on evidence collected by investigators and any statements provided by the parties involved
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