Here's a bombshell:
Jane Street's actions are practically the crypto version of "being both referee and player," while also running a casino.
1. Holding the largest IBET position = Referee
2. Daily 10 AM price dump = Market maker
3. Not disclosing derivatives positions = Cheating
The $40 billion LUNA fiasco and the 2022 crypto winter—it turns out they were on the fifth level while we were on the first.
The most outrageous thing is that the $790 million ETF position looks like a long position, but it's probably actually a short position. The publicly disclosed 13F is just a photo; the other half of the position is completely hidden.
A 21M BTC cap? They use derivatives to create unlimited "air BTC" to dump and still make a fortune.
The funny thing is, they've already been fined by the SEC and India; a mere short-selling charge is nothing.
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