Crypto CEO Manpreet Kohli faces US extradition over alleged $20M token manipulation scheme involving Saitama.
Regulation & Gov ·
A UK judge has rejected Manpreet Kohli's challenge to extradition, clearing the way for his case to be reviewed by British ministers for handoff to US authorities. Kohli faces charges including wire fraud, market manipulation, and operating an unlicensed money-transmitting business tied to Saitama, an Ethereum-based token. Prosecutors allege he made approximately $20 million through coordinated token purchases and payments to market makers designed to artificially inflate trading activity. Kohli remains free on £200,000 bail and retains the right to appeal the ruling.
The case stems from a broader Department of Justice operation targeting alleged crypto fraud and wash trading. According to authorities, Kohli and 17 other individuals coordinated purchases across multiple wallets and engaged market manipulation services including ZM Quant and Gotbit to create false volume on exchanges. Court filings indicate that Saitama executives publicly denied offloading holdings while privately converting tokens into millions of dollars.
Kohli has previously contested the charges on two fronts: he argued that US authorities could not adequately safeguard his mental health in custody, a concern the judge found addressable through transfer protocols and prison system measures, and he challenged whether Saitama qualifies as a security under US law—a motion a Boston federal judge rejected earlier this month. No conviction has been entered, and his ultimate extradition remains pending both potential appeal and ministerial approval.