South Korean police are investigating Bithumb CEO Lee Jae-won over bribery allegations linked to hiring individuals linked to impartial lawmaker Kim Byung-ki.

According to Yonhap News, the Seoul Metropolitan Police Agency’s Public Crime Investigation Unit is inspecting claims that Lee accredited the hiring of Kim’s second son after receiving a direct employment request from the lawmaker.

Political Hiring Scandal

The case stems from statements offered by a former aide to Kim, who had beforehand raised different allegations in opposition to the lawmaker. The aide advised police that Kim met Lee for drinks at a restaurant in Seoul’s Mapo district in November 2024 and requested him to rent his son.

Police suspect the alleged hiring could have been linked to Kim’s actions whereas serving on the National Assembly’s Political Affairs Committee. Investigators consider Kim concentrated his legislative efforts on criticizing alleged monopoly practices involving Dunamu, the operator of rival crypto trade Upbit, in return for his son being employed at Bithumb.

Earlier this month, police listed Lee as a bribery suspect in a second search warrant focusing on Bithumb’s headquarters in Seoul’s Gangnam district and a number of other associated areas. During an earlier raid carried out in February, investigators had already named Kim as a suspect in reference to alleged preferential hiring tied to his son’s recruitment, whereas Bithumb was listed as a witness in the case.

Police at the moment are reviewing supplies seized in the course of the searches and are anticipated to query sure people relating to the hiring course of and whether or not they had been conscious of any job solicitation efforts.

Troubles Pile Up

Beyond the hiring controversy, Bithumb has just lately been entangled in a number of separate authorized and compliance-related disputes. In May, a South Korean court docket briefly blocked a six-month partial enterprise suspension imposed on the crypto trade by the Financial Intelligence Unit (FIU).

The court docket’s resolution paused the sanctions till a remaining ruling is made in Bithumb’s authorized problem in opposition to the regulator. The FIU had accused the trade of round 6.65 million violations of economic guidelines, together with failures in buyer identification checks and transaction monitoring. Regulators additionally fined Bithumb 36.8 billion gained and warned a number of firm officers.

Earlier in April, Bithumb took authorized motion to freeze 7 BTC that remained lacking after a significant payout mistake throughout a promotional occasion. Due to a system enter error, the trade by chance distributed Bitcoin as an alternative of Korean gained to customers. Although many of the funds had been recovered rapidly, some recipients allegedly refused to return the remaining property, which pressured Bithumb to pursue a provisional seizure.

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