Saitama Founder Loses UK Extradition Case, May Be Sent to the US for Trial

Odaily Planet Daily News: Saitama founder Manpreet Kohli lost his extradition case in the UK last week, and now faces the prospect of being extradited to the US to stand trial on charges of wire fraud and market manipulation. Kohli was arrested in London in 2024. US prosecutors allege that he and more than a dozen co-conspirators falsely inflated their holdings and purchases of Saitama tokens while secretly selling off their own positions for profits of approximately $20 million. The token once reached a market capitalization of $7.5 billion.

Judge Samuel Goozee dismissed Kohli's objection to extradition on August 19, referring the case to the UK Home Secretary to decide whether to order the extradition. Kohli is currently out on bail of £200,000 and retains the right to appeal. Previously, a federal judge in Boston had already rejected his motion to dismiss the indictment on the grounds that Saitama tokens do not constitute securities. (Reuters)