British-based cryptocurrency executive accused of manipulating a token once worth $7.5bn could soon be sent from the UK to the US to face trial.
Manpreet Kohli, the 45-year-old chief executive of the crypto company Saitama, has lost his legal battle to stop his extradition from the UK to the United States.
At its peak, the Saitama token boasted a market value of $7.5 billion. But U.S. prosecutors paint a very different picture behind that number. They allege Kohli and more than a dozen others ran a widespread fraud, publicly claiming to hold and purchase tokens while secretly selling them off for massive personal profit. Kohli is said to have pocketed around $20 million.
The investigation itself was unusual. The FBI reportedly set up its own digital token to help ferret out the crime.
Kohli fought the extradition hard. His legal team argued that sending him to the U.S. would expose him to inadequate mental health measures, raising a severe risk of suicide in custody.
But Judge Samuel Goozee rejected that challenge on August 19.
“I find there are clearly appropriate arrangements in place both during transit and within the prison system in the U.S. to be able to cope with (Kohli’s) mental health and reduce the risk of suicide to an acceptable level,” Goozee wrote in his ruling.
The decision now moves to British ministers to formally order the extradition. While exact timelines remain uncertain, such approvals are usually a formality.
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Earlier this month, a federal judge in Boston also shut down Kohli’s attempt to dismiss the indictment, ruling that the Saitama token can legally be treated as a regulated security.
Kohli remains free on £200,000 bail and still has the right to appeal. He could not be contacted for comment.
For now, he waits in London. The digital tokens may have vanished, but the slow, heavy machinery of the courtroom is just getting started.
Promise Idoko is a tech analyst and writer at Moderncrux, specializing in artificial intelligence, fintech, and emerging technologies. Based in Nigeria, he is dedicated to delivering insightful and accessible coverage of complex technological developments. His work explores the impact of innovation on businesses, industries, and societies, with a particular focus on Africa’s evolving technology landscape and its connection to global trends.
