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UK Judge Rejects Ex-Saitama CEO's Extradition Appeal Over $7.5 Billion Token Scheme

Guavy AI Editorial Team
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A UK judge has rejected the extradition appeal of Manpreet Kohli, the former CEO of Saitama, citing that measures in place at an American prison would mitigate his risk of self-harm and psychological distress.

Kohli was arrested on charges of wire fraud, market manipulation, and conspiracy related to the sale of Saitama tokens, a cryptocurrency based on Ethereum with a peak value of approximately $7.5 billion.

US authorities accuse Kohli of earning around $20 million from the scheme, which involved coordinating purchases of the token through multiple wallets and hiring ZM Quant and Gotbit to manipulate its price and trading volume on various exchanges.

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