Saitama (Saitama Inu)
A dog-themed crypto token (Saitama Inu, plus the related SaitaRealty) that the SEC and DOJ charged in October 2024 as a fraudulent, manipulated securities offering. Promoters allegedly hyped a 'Saitama ecosystem' while secretly dumping holdings and hiring market makers (Gotbit, ZM Quant) to fake volume.
Also known as: Saitama, Saitama Inu, SaitaRealty
Note: The defendants are charged (SEC civil and DOJ criminal); the allegations have not been adjudicated. Several are contesting jurisdiction/extradition.
Summary
Saitama Inu ("Saitama") was a dog-themed crypto asset launched around June 2021 that promoters claimed would create "passive income" and promote financial literacy; a related token, SaitaRealty, supposedly tokenized real estate. The SEC alleges the offerings were unregistered securities and that the promoters manipulated the markets to create a false appearance of organic demand. [1][2]
The scheme
Per the SEC, the promoters made false statements about a "Saitama ecosystem" of products to inflate the token's value, publicly claimed to be buying/holding while secretly selling large amounts, and hired "market-manipulation-as-a-service" firms — ZM Quant and Gotbit Consulting — to generate artificial volume. At its peak, Saitama's promoters described a multi-billion-dollar company. [1][2]
Charges
In October 2024 the SEC charged Russell Armand, Maxwell Hernandez, Manpreet Singh Kohli, and Nam Tran; the DOJ brought parallel criminal charges (conspiracy to commit market manipulation, unlicensed money transmitting, and wire fraud). Kohli, a UK/India resident, has been fighting extradition. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
- EthereumMax (EMAX)RelatedTokensA 2021 Ethereum token (unrelated to Ethereum) promoted by celebrities. The SEC charged Kim Kardashian for touting it without disclosing a $250,000 payment; she settled for $1.26M. A private 'pump-and-dump' class action was later dismissed.
- $LAB tokenRelatedTokensAn AI trading-terminal token launched via Binance Alpha in Oct 2025 that surged to a multi-billion-dollar FDV — briefly among the largest crypto assets by valuation — before a ~77% crash on Jun 2, 2026. ZachXBT alleges insiders, led by founder Vova Sadkov, control over 95% of supply and ran a coordinated market-maker pump. LAB has not publicly responded; no charges have been reported.
People & entities involved
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.