Bithumb CEO Detained as South Korean Bribery Probe Expands

South Korean authorities have detained Lee Jae-won, CEO of cryptocurrency exchange Bithumb, as a suspect in an ongoing bribery investigation. The probe alleges that Lee and independent lawmaker Kim Byung-ki engaged in a quid pro quo arrangement, where the lawmaker used his legislative influence to benefit Bithumb in exchange for his son's employment at the company.

Police obtained a statement from a former aide to Kim, who claimed that the two men met at a restaurant in Seoul in November 2024 to discuss the job solicitation. The son later worked at Bithumb for six months starting in January 2025.

The investigation also suggests that Kim targeted Bithumb's primary competitor, Dunamu, by focusing legislative pressure on its market monopoly issues. Additionally, police are investigating allegations that Kim pressured Bithumb to hire another one of his congressional aides, identified as 'A', who has been employed at the company since September 2025.

Bithumb has denied any wrongdoing, stating that its hiring process was proper and compliant with regulations.