According to CoinMeta, and as reported by Reuters, the founder of Saitama, Manpreet Kohli, lost a lawsuit in the UK last week and is now facing extradition to the United States to face charges of telecommunications fraud and market manipulation. Kohli was arrested in London in 2024, and the US prosecution accused him of falsely reporting the holding and purchase of Saitama tokens, while privately selling them for a profit of about 20 million US dollars. The token once had a market value of 7.5 billion US dollars. Judge Samuel Goozee rejected his application against extradition on August 19th and referred the case to the British minister to decide whether to order the extradition. Kohli is currently on bail of 200,000 pounds and still has the option to appeal. Previously, a federal judge in Boston had rejected his motion to have the charges withdrawn on the grounds that Saitama tokens did not constitute securities.