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

Allegations of Job Solicitation

South Korean constabulary person detained the CEO of cryptocurrency speech Bithumb arsenic a fishy successful an ongoing bribery probe involving allegations of preferential hiring for the lad and an adjutant of an autarkic lawmaker, officials said. The Seoul Metropolitan Police Agency’s Public Crime Investigation Unit is reportedly investigating Bithumb CEO Lee Jae-won connected charges including bribery.

Lee is accused of moving guardant with the hiring of autarkic Rep. Kim Byung-ki’s 2nd lad aft receiving an employment petition from the lawmaker. The probe gained momentum aft constabulary obtained a connection from a erstwhile adjutant to Kim, who alleged that the lawmaker and the Bithumb CEO met astatine a edifice successful Mapo, Seoul, successful November 2024, wherever the occupation solicitation allegedly took place. The lad aboriginal worked astatine Bithumb for astir six months starting successful January 2025.

Investigators fishy that Kim, who served connected the National Assembly’s Political Affairs Committee, whitethorn person tailored his legislative activities to payment Bithumb successful speech for his son’s employment. Authorities are looking into whether Kim intentionally targeted Bithumb’s superior competitor, Dunamu, by focusing legislative unit connected that company’s marketplace monopoly issues.

Additionally, constabulary are investigating abstracted allegations that Kim pressured Bithumb to prosecute different 1 of his legislature aides, identified lone arsenic “A,” who has reportedly been employed astatine the cryptocurrency speech since September of past year. Police are checking whether this aide’s aboriginal advisory relation astatine Bithumb was connected to the broader alleged quid pro quo.

The scope of the probe expanded connected June 8 erstwhile constabulary executed a 2nd search-and-seizure warrant astatine Bithumb’s office successful the Gangnam territory of Seoul, formally designating CEO Lee—previously treated arsenic a witness—as a fishy connected allegations of offering bribes.

During an archetypal raid connected Bithumb’s offices successful February, constabulary had listed Representative Kim arsenic the superior suspect. Kim faces a broader corruption probe involving 13 abstracted allegations, including claims of accepting currency payments from section assembly members and the misuse of a firm paper by his spouse. He has been summoned by authorities aggregate times arsenic portion of the months-long investigation.

Bithumb has denied immoderate wrongdoing, stating that its hiring process was due and compliant with regulations. The institution besides maintained that the erstwhile aide’s advisory relation was informal and wholly unrelated to the employment of Kim’s son.

Following an investigation of the materials seized during the latest raid, constabulary are expected to summon the adjutant and different progressive parties for questioning regarding the circumstances of their employment and whether they were alert of the occupation solicitation.