- Bithumb CEO Lee Jae-won was booked by South Korean police on June 11, 2026, on suspicion of providing a job for a lawmaker’s son in a bribery scheme.
- The politician, Kim Byung-ki, allegedly requested the hiring in exchange for using his legislative position to scrutinize Bithumb‘s rival, Dunamu.
- This incident is the latest in a series of police raids targeting Bithumb and its executives over various corruption allegations in recent years.
South Korean authorities booked Bithumb CEO Lee Jae-won on June 11, 2026, following allegations he bribed a politician with a job for his son. The police investigation, reported by Yonhap, centers on a meeting at a restaurant in November 2024.
Lawmaker Kim Byung-ki allegedly requested Lee hire his son and an aide during that meeting. Consequently, Kim is suspected of leveraging his committee role to highlight monopoly concerns around rival exchange Dunamu.
The allegations were reportedly revealed by a former aide who worked for Kim. Police suspect the intensified legislative scrutiny was direct reciprocation for the job placement.
Kim’s son was reportedly hired in January 2025 and worked at the exchange for about six months. Meanwhile, Kim also faces separate suspicions regarding his son’s university transfer and political funds.
This case prompted a police raid on Bithumb in February 2026. Another raid occurred on June 8, which led to Lee being formally named a suspect.
However, this is not an isolated incident for the embattled exchange. Former CEO Kim Dae-sik was previously investigated for allegedly misappropriating $2 million to buy an apartment.
Bithumb and Upbit were raided in 2023 over a lawmaker’s $4.5 million crypto holdings. Another 2023 raid targeted the parent company’s chief over bribes for crypto listings.
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