In brief – A UK judge rejected Manpreet Kohli’s extradition challenge and sent the case to British ministers. – Prosecutors allege Saitama executives used coordinated purchases and paid market makers to inflate the token’s activity. – Kohli remains free on £200,000 bail and can…
peal. He has not been convicted
A British judge has rejected former Saitama CEO Manpreet Kohli’s bid to avoid extradition to the United States, where he faces charges tied to an alleged crypto market-manipulation scheme. According to a report by Reuters, Judge Samuel Goozee rejected Kohli’s challenge on August 19 and sent the case to the U.K. government for a decision on the U.S. extradition request. Kohli can appeal the ruling, so his extradition is not yet final, and he remains free on £200,000, about $272,400, bail.
U.S. prosecutors have charged Kohli with wire fraud, market manipulation, related conspiracy offenses, and operating an unlicensed money-transmitting business. The charges concern Saitama, an Ethereum-based token that once reached a reported market capitalization of $7.5 billion. Kohli challenged extradition in part by arguing that U.S. authorities could not adequately address his mental health and risk of suicide in custody.