According to a report by Reuters, British judge Samuel Goozee dismissed the extradition defense of former Saitama CEO Manpreet Kohli on August 19 and transferred the case to the UK government to make a decision on the US extradition request. Kohli can still appeal, and the extradition has not been finalized; he is currently released on bail set at £200,000 (approximately $272,400).

US prosecutors have charged Kohli with wire fraud, market manipulation, and related conspiracy, as well as operating an unlicensed remittance business, involving the Ethereum-based token Saitama, which once had a market value of about $7.5 billion. Kohli defended himself by arguing that the US could not adequately handle his mental health and the risk of suicide during detention, but the judge believed that the transfer and the safeguards of the US prison system could reduce the risk to an acceptable level. Previously, a federal judge in Boston had also dismissed his motion to dismiss the charges.

The case stems from the “Operation Token Mirrors” investigation initiated by the US Department of Justice in October 2024, involving fraud and wash trading. Prosecutors allege that 18 individuals, including Kohli, coordinated multiple wallets to purchase tokens and paid ZM Quant and Gotbit to conduct wash trading on several exchanges, with Kohli suspected of profiting about $20 million. Gotbit has admitted to manipulating token prices and trading volumes and was ordered to pay $23 million in June 2025, while its founder Aleksei Andriunin was sentenced to 8 months in prison.