Edit: Saitama (Saitama Inu) — CryptoScamsWiki

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> **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]

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