According to Reuters, Saitama founder Manpreet Kohli lost his case in the UK last week and now faces extradition to the US to stand trial on charges of wire fraud and market manipulation. Kohli was arrested in London in 2024, with US prosecutors accusing him and over a dozen co-conspirators of falsely reporting holdings and purchases of Saitama tokens while secretly selling them for a profit of approximately $20 million. The token once had a market cap of $7.5 billion. On August 19, Judge Samuel Goozee dismissed Kohli's appeal against extradition and referred the case to the UK Home Secretary to decide whether to issue the extradition order. Kohli is currently out on bail for £200,000 and retains the right to appeal. Previously, a federal judge in Boston had rejected his motion to dismiss the charges, which argued that Saitama tokens do not qualify as securities. https://(wublock123.com)/news/saitama-founder-manpreet-kohli-loses-uk-case-face-extradition-us-67248