Bryce’s Secret is bigger than The Big Short.
A summer intern, a private Telegram channel, a reclusive billionaire who funded an African coup. A swap that destroyed $40B. Suicide hotlines pinned to Reddit, a wallet that’s been dark for years and a lawsuit that names everyone.
@1914ad This story writes itself! All this does sound like something made for movies. Who knows!?!? We may end up watching this on the big screen one of these days!
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🚨UPDATE: Jane Street Ordered TO HALT “MANIPULATIVE” Bitcoin Trading 🤯🔥
According to reports, Jane Street desks were given an urgent memo to immediately cease “manipulative Bitcoin trading activity” — with algos reportedly shut down. 😳
Market manipulation by major trading firms is now CONFIRMED. 👀✅
@TheBTCTherapist It takes far less capital to move prices in crypto than in traditional stock markets. If we know that market manipulation exists in equities, it stands to reason that when large players/institutions who enter the crypto space would use similar tactics.
Jane Street made $10 billion in trading revenue in a single quarter.
For scale reference- thats more than Goldman, JP Morgan, Citi, or Bank of America managed in the same period
They got banned from India’s stock market last year for manipulating a national index. They seized $570 million and called them “not a good faith actor that deserves to be trusted”
Today they’re being sued for insider trading that helped trigger the $40b Terra collapse.
And because they’re classified as a trading firm and not a hedge fund, they’re exempt from the disclosure rules that would force them to show you how they actually make their money.
This is also the firm that handles BlackRock’s bitcoin ETF, btw
You know what SBF, the Terra lawsuit, and $400M in stolen customer funds all have in common?
Jane Street
—SBF: Jane Street trader
—Caroline Ellison: Jane Street trader
—Gabe Bankman-Fried: Jane Street trader (later ran SBF’s political dark money)
—Lily Zhang: Jane Street trader (SBF’s ex girlfriend)
We already know what happened with FTX
—Do Kwon: Jane Street was Terra’s market making partner from day one
During the UST collapse, Do Kwon was in a direct group chat with Jane Street’s Bryce Pratt, a former Terraform intern who used that access to frontrun the depeg
Jane Street is linked to every major fraudster from last cycle
"Today, Jane Street is behind more than 10% of all equity trades in North America, and its trading revenue is more than double that of the world’s largest hedge fund. And because Jane Street is a quantitative trading firm and not a hedge fund, it is exempted from detailed disclosure requirements, allowing Jane Street to avoid revealing its trading strategies and financial details." - Jane Street lawsuit