I noticed that there is a large legal document revealing something very intriguing about how some quantitative trading firms operate. The topic concerns Jane Street and the accusations against it in Indian markets and cryptocurrency markets.

First, in India, between January 2023 and March 2025, Jane Street generated net profits of approximately 365 billion Indian rupees. But India’s Securities and Exchange Board (SEBI) determined that 48.4 billion rupees of that amount was suspicious and illegal. SEBI issued a temporary, 105-page order, followed by a trading ban. The important thing is not the ban itself but the mechanism.

The plan was extremely clever: in the morning, Indian entities actively buy shares and futures on the (Bank Nifty) index. This pushes the index higher. At the same time, foreign entities sell large call options and buy put options—a net position that is extremely bearish. Here, the scale matters: the value of the options positions is several times the value of the share positions.

Then, in the evening, the entities reverse the trend completely. They begin selling huge quantities of the same shares and futures. This selling pressure drives the index down. If the closing price approaches certain strike prices, the call options become worthless while the put options increase significantly in value. The result is: small losses in the spot market, but huge profits from options.

SEBI gave a clear example: buying worth 437 billion rupees in the morning, with a spot/futures loss of 6.16 billion rupees, but options profits of 734.93 billion rupees. Net daily profit: 67.3 billion rupees. This pattern repeated again and again.

Now, the most interesting part is that the same pattern appeared in Bitcoin. Many observed repeated selling pressure around 10 a.m. Eastern Time. This timing is important: the U.S. stock market opens, liquidity is higher, and large orders can be executed. A sudden price crash occurs, followed by forced liquidations, sequential selling, and then stabilization. In a highly leveraged crypto market, a 2–3% drop is enough to liquidate large long positions.

A strange detail: after a lawsuit was filed against Terraform in February 2026, this pattern stopped completely. Bitcoin no longer faced organized selling at the same time. That synchronization is suspicious.

There is also the Terra story. In May 2022, UST collapsed from a system worth $40 billion to zero in just days. The lawsuit suggests that Jane Street sold $85 million worth of UST while knowing that liquidity had dried up. This accelerated the collapse. At the same time, it was negotiating with Do Kwon to buy Bitcoin at a steep discount (200-500 million dollars). If Terraform were forced to defend the peg, it would have to rapidly use its Bitcoin reserves. Whoever knew this in advance and increased pressure on UST would speed up the moment and obtain BTC at extremely low prices.

Jane Street is also an approved participant in major Bitcoin ETF funds. Approved participants sit at the core of the creation and redemption mechanism. They can create ETF units, hedge with futures, and sell options. However, the public 13F filings show only long positions. Short positions in futures or sold options are not shown. The public sees only the trading interface; the entire derivatives order book is hidden.

There is also the Millennium lawsuit. In early 2024, two traders left Jane Street for Millennium. Jane Street filed a lawsuit for $1 billion, accusing them of stealing a proprietary strategy. During the trial, it emerged that the strategy involved Indian index options and generated about $1 billion in profits in 2023 alone. That changed everything—what was once just a small hedging strategy became a massive profit engine.

What is especially striking is that most details about how the strategy works were obscured in the court documents. The algorithm, the execution model, strike price selection—everything is hidden. The public only sees the profits, but the engine itself is closed.

What is truly concerning is the full picture. One company keeps appearing in every market crisis: manipulation in India, organized selling in Bitcoin, involvement in Terra, and being an approved participant in ETF funds. SBF worked at Jane Street before founding Alameda and FTX. FTX invested in Anthropic, then collapsed, and Jane Street bought $100 million worth of Anthropic shares. Even in 2024, Jane Street was publicly accused of naked short-selling behaviors.

Each incident alone might not prove collusion, but the pattern is troubling. When major market disruptions occur, you often find Jane Street there. Is this just coincidence because it is one of the largest quantitative trading firms? Or is there something deeper and structural? A firm positioned in the market that can control the underlying assets, add massive derivative positions, influence settlement points, and keep its execution system secret—while surface-level data does not reflect the real picture.