A British judge rejected on August 19 former Saitama CEO Manpreet Kohli’s bid to avoid extradition to the United States. He faces charges of wire fraud, market manipulation, and operating an unlicensed money-transmitting business. US prosecutors allege that Saitama executives coordinated token purchases and paid market makers to inflate the token’s activity, which once reached a reported market capitalization of $7.5 billion. The investigation, part of « Operation Token Mirrors, » identified 18 individuals engaged in wash trading. Kohli allegedly made approximately $20 million and remains free on 200,000 pounds bail.
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