[비즈한국] Bithumb, which operates a virtual asset exchange of the same name, has been designated as a 'Large Business Group subject to large-scale disclosure' for 2025 by the Fair Trade Commission (FTC). Companies designated as large business groups are subject to disclosure obligations under the Fair Trade Act. With Lee Jung-hoon, former Chairman of the Board of Bithumb Holdings and Bithumb Korea, designated as the 'person in control' (de facto head) of Bithumb, the status of his family companies has been disclosed. Although Lee was known as the de facto owner of Bithumb, his external activities remained mysterious; it appears he has been actively managing his private and family companies.
In May, Bithumb was included in the list of large business groups for 2025. The FTC selects business groups with total assets exceeding 5 trillion KRW every year. Bithumb ranked 90th out of 92 large business groups. Companies designated as large business groups are required to comply with disclosure obligations under the Fair Trade Act, including: disclosure of the current status of the business group, disclosure of major matters of unlisted companies (largest shareholder, governance structure, etc.), and disclosure of large-scale internal transactions. A business group is a collection of two or more companies controlled by the same person, where the 'same person' refers to a natural person or legal entity that effectively controls the business group.
Since the FTC identified founder and former Chairman Lee Jung-hoon as the 'same person' for Bithumb, his family-related companies have been revealed, drawing attention from the industry. According to the business group status disclosed by Bithumb, there are six companies where Lee or his relatives serve as executives: Matae, Matae Flower, Aaron Company, OnGuard, Jaedam, and Wise Planet. Among these, Matae was liquidated as of June 24.
Although Lee had not engaged in external management activities related to Bithumb for the past several years, it appears he has been actively operating his private and family companies. Lee, who was under investigation for alleged fraud related to coin listings, resigned from his positions as a registered director of Bithumb (formerly Bithumb Korea) and Bithumb Holdings in September 2020, only returning as an internal director of Bithumb Holdings in October 2023.
Looking at the business sectors of the aforementioned companies, Matae Flower and Aaron Company provide management consulting and public relations services; OnGuard provides security and guard services; and Jaedam engages in wholesale trade of various goods. Wise Planet is classified as a financial company.
Of these, Wise Planet and Jaedam are Lee Jung-hoon’s private companies. The largest shareholder of Wise Planet is Jaedam, which holds an 80% stake, and Lee owns 100% of Jaedam. He has served as an internal director since December 2019. Lee also holds the remaining 20% stake in Wise Planet.
Lee took office as an internal director of Wise Planet on February 3 and also assumed the role of CEO. Previously, Kim Young-jin, Vice President of Management Support at Bithumb, served as CEO and internal director of Wise Planet, but he resigned from his directorship on the day Lee took office. Currently, Lee is the only registered director.
Aaron Company, Matae Flower, and OnGuard are related to Lee’s spouse, identified as Ms. Kim, and her relatives. Ms. Kim is currently serving as the CEO of Aaron Company and Matae Flower. Family members, including Ms. Kim's mother, also serve as registered directors for these two companies. Aaron Company was established in March 2020, and Matae Flower in August 2020. Former Chairman Lee Jung-hoon holds half of the shares in both companies through Jaedam and Wise Planet, respectively. He is also the auditor for both companies.
Among these companies, only the security firm OnGuard generates revenue. OnGuard’s 2024 revenue was approximately 645 million KRW, all of which came from private contracts with Bithumb. It recorded an operating loss of 35 million KRW. During the same period, Aaron Company had no performance at all. Jaedam recorded an operating loss of 67 million KRW and, with expenses exceeding 1 billion KRW, suffered a net loss of over 1.1 billion KRW.
Wise Planet recorded an operating loss of 35 million KRW and a net loss of 188 million KRW. Wise Planet, which is in a state of capital impairment, borrowed 25 billion KRW from former Chairman Lee Jung-hoon on June 23 under the pretext of asset management.
As of 2024, Matae Flower is the only company that recorded a surplus. While Matae Flower had no revenue and an operating loss of 109 million KRW, it recorded a net profit (189 million KRW) due to 317 million KRW in other income.
Matae Flower has also invested in the same entities as Bithumb. Bithumb has been investing in convertible bonds (CBs) of KOSDAQ-listed companies such as automotive parts manufacturer Iwin 090150 and household goods company Barunson 018700 through its venture capital arm, Bithumb Investment. Matae Flower also acquired convertible bonds of Barunson and Iwin in November 2023 and February 2024, respectively. In the case of the Iwin investment, the acquisition occurred on the same day as Bithumb's own acquisition.
Meanwhile, Bithumb appears to be using its designation as a large business group and its headquarters relocation as a turning point for change. Bithumb is moving its headquarters to the 'Bithumb Finance Tower' in Yeoksam-dong, Gangnam-gu, Seoul, in August. Ahead of this, the company announced a mutual growth program, a first in the industry, which partially waives rent for tenants for six months. It will open the 'Bithumb to the Moon Cafe' in the lobby of the new building on August 1 and hold an event to invite members before the official relocation.
On July 23, Bithumb also clarified the significance of its large business group designation to its exchange members. Referring to itself as 'Bithumb Financial Group,' the company announced, "This designation as a large business group means that we have secured our status as an officially recognized economic entity beyond just a trading platform. We are a company that carries both legal responsibility and social expectations, and we are now in a position that requires stricter transparency and fairness under government management and supervision."