Saitama founder loses UK extradition bid, could be sent to the US to face trial
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UK court rejection of Saitama founder Manpreet Kohli's extradition challenge increases likelihood of a US wire-fraud and market-manipulation trial, reinforcing enforcement risk around token promotions and alleged coordinated selling. While asset-specific exposure is concentrated in smaller, legacy meme tokens, the headline can marginally weigh on broader crypto sentiment by highlighting ongoing cross-border prosecution and conduct scrutiny.
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⚠️ AI سے تیار کردہ تجزیاتی سمجھ خبروں کے مواد پر مبنی ہے اور صرف معلوماتی مقاصد کے لیے فراہم کی گئی ہے۔ یہ سرمایہ کاری کا مشورہ نہیں ہے اور نہ ہی BingX کے خیالات کی نمائندگی کرتی ہے۔ سرمایہ کاری میں رسک شامل ہے۔ براہ کرم ذمہ داری سے ٹریڈ کریں۔
ME News reported on Aug. 26 (UTC+8) that Manpreet Kohli, founder of Saitama, has lost his UK bid to block extradition and may now be transferred to the United States to stand trial on wire fraud and market manipulation charges.
Kohli was arrested in London in 2024. US prosecutors allege he and more than a dozen co-conspirators misled investors by claiming they were holding and buying Saitama tokens while quietly selling them, generating roughly $20 million in profits. At its peak, the token's market capitalization reached $7.5 billion.
On Aug. 19, Judge Samuel Goozee rejected Kohli's application opposing extradition and sent the case to the UK Secretary of State, who will decide whether to issue an extradition order. Kohli remains free on £200,000 bail and can still appeal.
In a related development, a federal judge in Boston previously denied Kohli's motion to dismiss the indictment, which argued that Saitama tokens are not securities. (Source: ODAILY)
