ME News reports that on August 26 (UTC+8), Manpreet Kohli, founder of Saitama, lost his extradition case in the UK last week and now faces extradition to the United States to stand trial on charges of wire fraud and market manipulation. Kohli was arrested in London in 2024, with U.S. prosecutors alleging that he and more than a dozen co-conspirators falsely claimed to hold and purchase Saitama tokens while secretly selling them off for approximately $20 million in profits; at its peak, the token had a market capitalization of $7.5 billion. On August 19, Judge Samuel Goozee denied Kohli’s application to oppose extradition and referred the matter to the UK Secretary of State to decide whether to issue an extradition order. Kohli is currently out on bail of £200,000 and retains the right to appeal. Previously, a federal judge in Boston dismissed Kohli’s motion to dismiss the charges on the grounds that Saitama tokens do not constitute securities. (Source: ODAILY)
Saitama Founder's UK extradition case lost; may be sent to the US for trial
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Summary
Saitama’s founder, Manpreet Kohli, lost his extradition case in the UK and may now face trial in the U.S. over alleged fraud. Kohli was arrested in 2024 and accused of manipulating the price of the Saitama token, allegedly profiting $20 million. On August 19, a UK judge rejected his opposition to extradition, referring the case to the Home Secretary. Kohli remains free on £200,000 bail and may appeal. A U.S. court previously ruled that Saitama tokens are not securities. Traders using technical analysis for crypto should monitor this case for potential market impact, particularly when assessing the risk-to-reward ratio of token investments.
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