Key facts
- Bithumb CEO Lee Jae-won has been booked as a suspect in a bribery case.
- The investigation involves allegations of hiring the son and an aide of lawmaker Kim Byung-kee.
- Kim allegedly requested his son be hired at Bithumb in November 2024.
- Kim's son was hired and worked at the exchange for six months.
- Police suspect Kim used his legislative position to favor Bithumb over rivals like Upbit.
South Korean police have booked Lee Jae-won, the CEO of cryptocurrency exchange Bithumb, as a suspect in a bribery investigation. The probe is linked to allegations that Lee hired the son of Kim Byung-ki, an independent member of the National Assembly, in exchange for legislative favors.
Reports indicate that Kim allegedly asked Lee in November 2024 to hire his second son. The son was subsequently hired and worked at Bithumb for six months. Additionally, Kim reportedly requested that Bithumb hire one of his aides, who was hired in September and has since been employed by the exchange.
Authorities are investigating whether Kim, who served on the assembly's Financial Affairs Committee, used his position to conduct legislative activities against Dunamu, the operator of Bithumb's rival exchange Upbit. This included raising concerns about Upbit's market dominance. The current development follows months of police investigation into the relationship between Kim and Bithumb, which has included two search and seizure operations.