Former Saitama CEO Loses UK Challenge to US Extradition

Saitama was an Ethereum-based token whose reported market capitalization once reached $7.5 billion. U.S. prosecutors allege project executives coordinated token purchases and hired market makers ZM Quant and Gotbit to generate artificial trading activity, while publicly denying sales and privately unloading holdings. The case is significant because it extends Washington’s crypto-manipulation crackdown across borders and targets the promoters as well as firms accused of providing wash-trading services.

Judge Samuel Goozee rejected former Saitama CEO Manpreet Kohli’s extradition challenge on Aug. 19, 2026, referring the U.S. request to the British government for a final decision. The Justice Department announced charges against Kohli and 17 others on Oct. 9, 2024, alleging he made about $20 million through the scheme. Kohli faces wire fraud, market manipulation, conspiracy and unlicensed money-transmission charges. He remains free on £200,000 bail, may appeal the ruling and has not been convicted.