South Korean police have booked Bithumb CEO Lee Jae-won on bribery suspicions for allegedly hiring the relative of a lawmaker. The case involves independent National Assembly member Kim Byung-ki, who served on the Political Affairs Committee overseeing financial regulation. Kim allegedly requested during a November 2024 restaurant meeting that Lee hire his second son, who joined Bithumb in January 2025 and worked for about six months. Investigators claim Kim then targeted competitor Dunamu in committee proceedings. Seoul police raided Bithumb headquarters twice, on February 24 and June 8, 2026. Kim faces 13 suspicions including nomination bribery and has been summoned seven times. Bithumb also faces a $24.5 million fine and six-month partial suspension order from financial regulators for anti-money laundering and KYC deficiencies, temporarily blocked by a court after Bithumb's challenge. The exchange processed $441 million in daily trading volume and competes with Upbit. The case adds to corruption patterns in Korea's crypto sector, including a recent case where a police officer investigating crypto fraud was sentenced to six years for bribery.

Key facts

• Bithumb CEO booked for bribery over hiring lawmaker Kim Byung-ki's second son.
• Kim allegedly requested the hiring at a November 2024 meeting; son worked Jan-June 2025.
• Police raided Bithumb headquarters twice in 2026 amid the investigation.
• Bithumb faces $24.5M fine and suspension order for AML/KYC failures, temporarily blocked.
• Kim faces 13 suspicions including nomination bribery, summoned seven times.