Seoul Police Book Bithumb CEO on Bribery Charges in Lawmaker Job Placement Case

Seoul police booked Bithumb CEO Lee Jae-won on bribery charges on the 11th in connection with a job placement request for lawmaker Kim Byung-ki's second son. The Seoul Metropolitan Police Agency Public Crime Investigation Unit confirmed the booking, marking the first case of a sitting crypto exchange CEO facing bribery charges. Police conducted a second search of Bithumb's headquarters in Gangnam on the 8th as part of the ongoing investigation into Kim's alleged arrangement to secure employment for his son at the exchange.

Police Conduct Multiple Searches of Bithumb Headquarters

Police executed a second search of Bithumb's office in Gangnam on the 8th. The agency previously searched Bithumb headquarters in February. Investigators questioned two Bithumb executives as witnesses in February and April.

Kim Allegedly Attacked Competitor During Job Placement Process

Kim faces investigation for allegedly requesting his second son's employment at Bithumb and making multiple parliamentary inquiries attacking competitor Dunamu, the operator of Upbit, during the job placement process. The investigation examines the connection between the employment request and Kim's legislative activities targeting the rival exchange.

Lee Jae-won Booking Marks First Bribery Case Against Sitting Exchange CEO

Lee Jae-won's booking represents the first instance of a sitting crypto exchange CEO facing bribery charges. Former Bithumb Holdings CEO Lee Sang-jun was convicted on embezzlement charges related to coin listing irregularities, but that case did not involve bribery allegations. Lee Sang-jun received guilty verdicts in both the first and second trials, with the case currently pending at the Supreme Court.

FAQ

What charges does Bithumb CEO Lee Jae-won face?

Seoul police booked Lee Jae-won on bribery charges on the 11th in connection with a job placement request for lawmaker Kim Byung-ki's second son at Bithumb.

When did police search Bithumb's headquarters?

Police conducted searches of Bithumb's Gangnam headquarters in February and again on the 8th. Investigators also questioned two Bithumb executives as witnesses in February and April.

How does this case differ from previous Bithumb legal matters?

This marks the first case of a sitting crypto exchange CEO being booked on bribery charges. Former Bithumb Holdings CEO Lee Sang-jun was convicted on embezzlement charges related to coin listing irregularities, not bribery, with that case currently pending at the Supreme Court.