South Korean police have booked Lee Jae-won, CEO of crypto exchange Bithumb, as a suspect in a bribery case linked to a local politician.
According to a Thursday report by Yonhap, the Seoul Metropolitan Police Agency's Public Crime Investigation Unit is investigating Lee and Bithumb on bribery-related allegations tied to the hiring of the son of Kim Byung-kee, an independent member of South Korea's National Assembly.
Police reportedly obtained a statement from Kim's former aide that in November 2024, the South Korean lawmaker asked Lee to hire his second son at Bithumb. Kim's son was hired two months later and worked at the crypto exchange for six months, local news outlet Nocut News reported.
The Yonhap report said Kim also requested Bithumb to hire one of his aides, who was subsequently hired last September and has been working at Bithumb since.
Seoul Police reportedly allege that Kim, who was a member of the Financial Affairs Committee at the assembly, carried out legislative activities against Dunamu, the company behind Bithumb's rival exchange, Upbit. This includes raising concerns about Upbit's market monopoly.
