SBF Waives Extradition Rights to FBI and U.S. Marshals

1. SBF waive my right to formal extradition proceedings
2. U.S. Embassy, FBI, and the U.S. Marshals Service attended SBF’s hearing
3. SBF’s departure from the Bahamas was a desire to make things right

According to sources, Bankman-Fried relinquished his right to a formal extradition process, which might have lasted weeks, before a hearing of the Bahamas Magistrate Court on December 21, the third since his detention.

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Following a hearing, former FTX CEO Sam SBF Bankman-Fried, who Bahamian police have detained, will likely be extradited to the United States.

According to reports, officials from the U.S. Embassy, the Federal Bureau of Investigation, and the U.S. Marshals Service were present to arrange Bankman-handover Fried’s for which he had initially signed documents on December 20.

Bankman-Fried communicated with judge Shaka Serville clearly and steadily,

Yes, I wish to waive my right to formal extradition proceedings.

According to Reuters, the previous CEO of SBF was eager to depart the Bahamas. Jerome Roberts, a Bankman-legal Fried’s team member, is said to have overheard SBF stating on December 19 that his decision was motivated by a desire to make things right with the customers.

Since then, SBF has been incarcerated in The Bahamas Department of Corrections’ Fox Hill jail in Nassau. In a 2021 report, the U.S. State Department characterized circumstances at the institution as harsh, including overcrowding, rodent infestation, and the use of buckets as toilets.

In other news, it has been reported on Reddit that Polygon is very centralized, yet this seems to be of little concern to its users. Specifically, the four co-founders of Polygon each possess one of the eight access keys, and five of the eight multi-signature contracts control the administrator key.

That means the security of over a billion dollars in user cash is at the mercy of only five people. This also indicates that the network may be compromised by the actions of as few as one individual in collusion with the network’s creators.

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