Bithumb CEO Lee Jae-won booked in South Korea bribery probe

Bithumb CEO Lee Jae-won has been named a suspect in a bribery investigation by South Korean police as authorities examine whether jobs at the crypto exchange were provided to the son of an independent lawmaker and another former staffer in exchange for political influence. Police said Lee is suspected of abusing his authority by hiring the lawmaker’s son after a November meeting in Seoul’s Mapo district, with investigators linking the move to the lawmaker’s seat on the National Assembly’s Political Affairs Committee, which oversees the Financial Services Commission. Police also believe the lawmaker used his committee position to challenge rival exchange operator Dunamu, and they are reviewing whether a former staff member hired in September 2025 as an advisor is connected to the case. The probe deepens pressure on Bithumb after a six-month partial suspension and a $24.2 million fine issued in March by South Korea’s Financial Intelligence Unit over anti-money laundering failures, a sanction the exchange appealed and temporarily blocked but has not yet had lifted. It also follows a February internal error that Bithumb said it resolved within 35 minutes after around 620,000 Bitcoins were accidentally sent to users, an incident that prompted tighter checks on South Korean crypto platforms. The case comes amid broader legal and regulatory scrutiny across South Korea’s digital-asset industry, where governance standards and executive accountability are under increasing focus.