Saitama CEO Extradition to US Approved Amid Market Manipulation Charges

A British judge has ruled that Manpreet Kohli, former CEO of Ethereum-based token Saitama, can be extradited to the United States. The US charges Kohli with wire fraud, market manipulation, and operating an unlicensed money-transmitting business related to the $7.5 billion token.

Kohli's extradition was initially challenged in part due to concerns about his mental health and risk of suicide in custody. However, a UK judge found that safeguards during transfer and within the US prison system could mitigate these risks.

The charges against Kohli stem from an earlier case targeting alleged crypto market manipulation, specifically 'Operation Token Mirrors.' Prosecutors claim Kohli and other Saitama executives coordinated token purchases, paid market makers to inflate activity, and offloaded tokens for millions of dollars while publicly denying sales.