Saitama CEO could be extradited to US over $7.5B token case

Saitama chief executive Manpreet Kohli has lost his UK court challenge against extradition to the United States, where prosecutors have charged him with wire fraud and cryptocurrency market manipulation tied to a token once valued at $7.5 billion. Summary Saitama CEO Manpreet Kohli lost his UK extradition challenge and could be sent to the US to face wire fraud and market manipulation charges. US prosecutors allege Kohli made about $20 million while Saitama promoters publicly claimed to hold or buy tokens as they privately sold them. The case formed part of a US crypto manipulation crackdown that included the FBI creating NexFundAI to investigate wash trading and fake trading volume. Kohli remains free on £200,000 bail and can appeal after the UK court sent his extradition case to British ministers for a decision. Reuters reported that Judge Samuel Goozee rejected Kohli’s challenge on Aug. 19 and sent the case to British ministers, who will decide whether to order his extradition. The 45-year-old Indian national remains free on £200,000 ($272,420) bail and can appeal the ruling. Kohli led Saitama, a cryptocurrency company that promoted an Ethereum-based token that at one point reac...