Crypto executive loses bid to block extradition to US on fraud charges

Saitama chief executive Manpreet Kohli has lost his latest effort to avoid extradition from the UK to the US, where he faces wire fraud and market manipulation charges tied to an alleged crypto trading scheme. Kohli was arrested in London in 2024 following US allegations that he and more than a dozen others manipulated the market for Saitama’s Ethereum-based token. The token reached a market value of about $7.5 billion at its peak. According to US prosecutors, Kohli and his associates publicly represented that they were buying and holding Saitama tokens while privately selling their holdings for millions of dollars. Prosecutors allege Kohli personally earned roughly $20 million. Kohli opposed extradition, arguing in part that US authorities could not adequately protect him from taking his own life while in custody. Judge Samuel Goozee dismissed the challenge on Aug. 19, saying there were appropriate measures available during his transfer and in the US prison system to manage his mental health and reduce the risk of suicide. The ruling sends Kohli’s case to British ministers for a decision on extradition. He remains on £200,000 ($272,420) bail and retains the right to appeal. The ex...