Ex-Saitama CEO Faces Extradition After UK Court Rejects Appeal

A British court has rejected the appeal of former Saitama CEO Manpreet Kohli, paving the way for his extradition to the US on allegations of crypto market manipulation.

Kohli is accused of wire fraud, market manipulation, and acquiring approximately $20 million through illicit means. The charges stem from an investigation into the Saitama token, which reached a theoretical market capitalization of $7.5 billion at its peak.

The US Department of Justice alleges that Kohli and other project executives coordinated artificial purchases to inflate trading volume, using hired market makers to execute wash trades between accounts under their control.