Bithumb CEO is investigated by South Korean police for alleged bribery

South Korean police have listed crypto trading platform Bithumb CEOLeeJae-won as a suspect in a bribery case involving the son of South Korean congressman Kim Byung-kee being hired by Bithumb. The Seoul Police Department's Public Crime Investigation Team is investigating Lee Jae-won and Bithumb on allegations that Bithumb hired Kim Byung-kee's son. Police allegedly obtained a statement from Kim's former assistant that Kim asked Lee Jae-won to hire his second son in November 2024. Kim's son then joined Bithumb two months later and worked on the trading platform for six months. Kim also asked Bithumb to hire one of his assistants, who subsequently joined Bithumb in September last year and has been working to this day. South Korean police believe Kim, as a member of the Congressional Financial Affairs Committee, conducted legislative activities against Dunamu, the company behind Bithumb's rival Upbit, including raising concerns about Upbit's market monopoly. The development comes after months of police investigations into Kim's relationship with Bithumb, which included two searches and seizures.