Bithumb CEO booked in bribery probe over hiring scandal

Bithumb’s CEO faces a bribery probe over hiring a lawmaker’s son, with police also investigating alleged parliamentary pressure on rival Upbit. The ongoing case adds to Bithumb’s regulatory troubles.

Bithumb CEO Lee Jae-won has been booked by South Korean police as a bribery suspect in an expanding investigation. Authorities are probing whether Lee arranged a job for the son of independent lawmaker Kim Byung-kee at Bithumb after a direct request during a dinner in November 2024. Kim’s son reportedly worked at Bithumb for about six months starting January 2025. The Seoul Metropolitan Police Agency is also investigating if Kim leveraged his parliamentary position to benefit Bithumb or pressure its competitor, Dunamu (operator of Upbit), by raising monopoly concerns in committee sessions. The probe includes searches of Bithumb’s offices and scrutiny of other hires allegedly linked to Kim’s requests. No court has found Lee, Kim, or others guilty, and the investigation is ongoing. This case adds to Bithumb’s regulatory challenges, following recent anti-money laundering fines and operational issues.