Bithumb CEO Lee Jae-won named bribery suspect after second Seoul headquarters raid

South Korean police have formally named Bithumb CEO Lee Jae-won a bribery suspect following a second raid on the exchange’s Gangnam headquarters on June 8, escalating a months-long investigation into alleged job solicitation by independent lawmaker Rep. Kim Byung-ki.

Lee had previously been treated as a witness. His redesignation as a suspect marks a significant shift in the probe’s direction, with investigators now focused on whether he knowingly participated in a quid pro quo arrangement with the lawmaker.

How the alleged arrangement worked

According to investigators, Kim, who served on the National Assembly’s Political Affairs Committee, allegedly approached Lee at a restaurant in the Mapo district of Seoul in November 2024 and requested employment for his second son. The son was subsequently hired at Bithumb in January 2025 and remained at the exchange for approximately six months.

Police obtained this account from a former aide to Kim, whose statement helped move the investigation forward. Investigators are now examining whether Kim used his position on the Political Affairs Committee to apply legislative pressure on Bithumb’s primary competitor, Dunamu, targeting the firm over market monopoly concerns, while leaving Bithumb untouched.

A separate strand of the investigation involves another of Kim’s congressional aides, identified in court documents only as “A,” who has reportedly held an advisory role at Bithumb since September 2024. Police are assessing whether that placement was part of the same alleged arrangement.

Timeline of the investigation

Police first raided Bithumb’s offices in February, at which point Kim was listed as the primary suspect. The June 8 raid, the second, resulted in the formal redesignation of Lee from witness to suspect on charges of offering bribes.

Following analysis of materials seized in the latest search, police are expected to summon aide A and other individuals connected to the hiring allegations for questioning.

Kim faces a broader corruption investigation spanning 13 separate allegations, including claims of accepting cash payments from local council members and misuse of a corporate card by his spouse. He has been summoned by authorities multiple times over the course of the investigation.

Bithumb’s response

In a statement, Bithumb denied any wrongdoing, saying its hiring process was conducted properly and in compliance with applicable regulations. The company also said the former aide’s advisory role was informal and unrelated to the employment of Kim’s son.