A UK High Court judge has rejected an extradition appeal filed by the chief executive of crypto project Saitama, clearing the way for the executive to be transferred to the United States for trial. Judge Samuel Goozee issued the ruling on Aug. 19, according to the report cited by Techub.
US prosecutors accuse the executive of wire fraud and market manipulation in a case involving about $20 million. The defendant is currently out on £200,000 bail and can still pursue further appeals.
Saitama had promoted its token on the Ethereum blockchain and at one point reached a market capitalization of $7.5 billion. Prosecutors said the CEO and more than ten associates falsely claimed they held and were buying the token while privately selling it for profit. The case is also described as the FBI’s first investigation carried out through the creation of a digital token. Earlier this month, a federal court in Boston rejected the executive’s motion to dismiss claims arguing that the token was not a security. The original report cited by Techub was from Channel NewsAsia.
A judge at the UK High Court has rejected an extradition appeal filed by the chief executive of crypto project Saitama, allowing the executive to be transferred to the United States for trial.
Judge Samuel Goozee issued the ruling on Aug. 19. US prosecutors have accused the executive of wire fraud and market manipulation in a case involving about $20 million. The defendant is currently free on £200,000 bail and can still continue the appeals process.
Prosecutors outline allegations tied to Saitama token sales
Saitama previously promoted its token on the Ethereum blockchain and at one point reached a market capitalization of $7.5 billion. Prosecutors said the CEO and more than ten associates falsely claimed they held and were buying the token while privately selling it for profit.
The case is described as the FBI’s first investigation conducted through the creation of a digital token. Earlier this month, a federal court in Boston rejected the executive’s motion to dismiss, which argued that the token should not be treated as a security.
The report cited by Techub was attributed to Channel NewsAsia.
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