150M UST leaving Curve 3pool at 5:44pm and an alleged 85M Jane Street-linked swap 10 minutes later is exactly the kind of sequence DeFi thought it could adjudicate with timestamps, until attribution, private chats, and MNPI hit the courtroom. The Jump $4B suit, Jane Street complaint, and CT’s sloppy 10am BTC theories all orbit the same market-structure problem: on-chain liquidity is public, but the decision layer is still private Telegrams, OTC desks, and firms with better maps than everyone else. If Snyder can tie wallets to desks and chats to trades, every “it was public on-chain” defense in DeFi gets a lot weaker.

Top comment by @Benthic