ECP NetHappenings Jane Street The Four Firms Controlling & Rigging Modern Markets

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No Justice No Peace
When Corrupt Politicians Start Going To Jail, Then We Can Start Trusting The Government Again.

LINKGOOD TO KNOW
Linus Torvalds created Linux at 21 without Claude or any other AI
.

– He didn’t have a co-founder.
– No VC funding. No office.
– No team.
– Just a personal project

He posted to a mailing list: “I’m doing a free OS.”
33 years later, it runs 97% of the world’s servers, all smartphones, and the International Space Station.
The most important software in history started as someone’s side project.
Absolute legend.

LINKJane Street + JP Morgan, BlackRock, Citadel Securities

2/26/26 @AltCryptoGems https://x.com/AltCryptoGems
JANE STREET IS THE MOST PROTECTED FIRM IN CRYPTO AND NOBODY HAS THE GUTS TO SAY IT
Everyone keeps treating Jane Street like some mystery to uncover. It’s not a mystery. It’s right there in front of you.
A firm with no CEO making $6.9 billion in profit per quarter.
More than most banks pull in a year. And somehow their fingerprints are on every single major crypto disaster and they keep walking away clean.
Let’s talk about it.
SBF. Caroline Ellison. Brett Harrison. All Jane Street alumni.
One built FTX. One ran Alameda. One ran FTX US.

The biggest fraud in crypto history. $8 billion stolen. 25 years in prison.
Three people from the same firm built the whole thing from scratch.
But sure, Jane Street had nothing to do with the culture that produced them.
Total coincidence that three people from one trading floor all ended up running the same fraud operation.
Right.
Now Terra is suing them claiming they front-ran the LUNA collapse.
Alleging Jane Street understood exactly how the UST depeg would play out and positioned themselves to profit while $60 billion got wiped in 72 hours.
Alleged? Yes. But explain this.
Bitcoin was getting dumped at 10AM EST every single day for 6 months. Every day.
Good news bad news didn’t matter. Same time same pattern.
Two days after the Jane Street lawsuit gets filed that pattern just vanishes. BTC rips from $62.5K to $69K.
You can say correlation isn’t causation. Sure. But you can’t say that with a straight face and not at least ask the question.
India didn’t just ask questions. India acted.
SEBI accused Jane Street of using multiple entities to manipulate the Bank Nifty index.
One entity pumps stocks at open. Another holds derivatives that profit from the dump. First one sells. Second one collects.
Jane Street said it was normal arbitrage. SEBI banned them anyway.
And Jane Street’s response? They put $560 million into escrow just to ask for permission to come back.

Half a billion dollars. To request the right to trade. That’s not what innocent firms do. That’s what firms do when a market is too profitable to lose access to.

They also pay Robinhood over $60 million a month for order flow. Which means they see your trades before they go through. Every single one. Across one of the biggest retail platforms in the world.
And everyone’s fine with this because it’s “legal.”
Legal doesn’t mean fair. Legal just means nobody with enough power has decided to stop it yet.
The wildest part?
Co-founder Robert Granieri got connected to allegations about funding a coup in South Sudan. No charges.
Obviously.
Because people at this level don’t get charges.
They get “matters resolved.”
Here’s what bothers me.
The crypto space will spend weeks dragging some influencer for a bad call but won’t say a word about a firm that trained the FTX team, is being sued for front-running the biggest collapse in crypto history, got banned from an entire country’s market, and literally pays to see your trades before you make them.
We pick the fights that are safe and ignore the ones that actually matter.
Some of this is proven. Some is alleged. Some is speculation.
But if even half of it holds up, the conversation we should be having isn’t about whether Jane Street broke any rules.
It’s about why the rules were written to let firms like this operate this way in the first place.
Crypto was supposed to be the exit. Instead we rebuilt the same casino and let the same house run it.
Stop pretending the game is fair. It never was.

EXPOSED: The Four Firms Controlling & Rigging Modern Markets
JP Morgan, BlackRock, Citadel Securities, Jane Street

1. BlackRock – The $14 Trillion Shadow Owner Weaponizing Common Ownership
BlackRock now manages a record $14 trillion in assets (Q4 2025 earnings, Jan 2026). It is the largest shareholder in the majority of S&P 500 companies through passive index funds.

Together with Vanguard and State Street, it controls stakes that have triggered multiple antitrust lawsuits. In 2024–2025, 12 Republican state attorneys general sued BlackRock (and the others) for allegedly conspiring via common ownership to suppress U.S. coal production by 18–19%, driving up energy prices 21–25% while pushing ESG “Net Zero” agendas. A federal judge in Texas allowed the case to proceed in August 2025. The FTC and DOJ filed a statement of interest backing the states, rejecting BlackRock’s attempts to dismiss.

2. JP Morgan – JP Morgan has repeatedly been caught manipulating markets for profit:

– 2020: Record $920 million CFTC settlement (largest ever for spoofing at the time). Traders placed hundreds of thousands of fake orders in precious metals and Treasury futures (2008–2016) to move prices, then canceled them. JP Morgan admitted wrongdoing and paid restitution + disgorgement.
– 2024: Another $200 million CFTC fine for failing to surveil billions of client orders over eight years, allowing potential spoofing and high frequency manipulation to go unchecked.

This is the same bank BlackRock lists as a core Authorized Participant for its trillion-dollar ETFs.

3. Citadel Securities – The Retail Front Runner That Owns Your Order Flow
Citadel Securities dominates U.S. retail trading: it has handled up to 40% of all retail equity volume and paid out hundreds of millions in Payment for Order Flow (PFOF) to brokers like Robinhood. In just nine months of 2024 it paid $943 million for retail order flow.

During the 2021 GameStop event, Citadel was the largest PFOF provider to platforms that suddenly restricted buying conveniently protecting its positions. It continues to profit from seeing your Robinhood orders before they hit the market. In 2026, Citadel Securities is still listed as an Authorized Participant for BlackRock’s spot Bitcoin ETF, creating and redeeming shares in the very products it helps price.

4. Jane Street – The “Basic Arbitrage” Manipulator Banned & Sued on Two Continents
Jane Street’s mask slipped in 2025–2026:

– July 2025: India’s SEBI banned Jane Street from the entire securities market, accusing it of a “sinister scheme” to manipulate the Bank Nifty index over 18 expiry days (2023–2025). The firm allegedly bought underlying stocks/futures early to artificially prop up the index, then profited from massive options positions. SEBI froze ~$566 million in alleged unlawful gains. Jane Street deposited the money but is fighting the ban, claiming “basic index arbitrage.”
– February 2026: Terraform Labs’ bankruptcy administrator sued Jane Street (plus co-founder and employees) in Manhattan federal court. The suit accuses the firm of using insider non-public information to front-run trades during the 2022 TerraUSD collapse including a wallet that pulled 85 million UST from Curve within 10 minutes of Terraform’s secret withdrawal. This allegedly accelerated the $40 billion wipeout.

Jane Street is also a top Authorized Participant for BlackRock’s ETFs.

@sungleeiq March 12, 2026
Nobody is telling you how FUCKED your retirement savings actually are right now.
Everyone is watching the war. The missiles. The oil price.
Nobody is talking about what’s happening to YOUR money. Right now. Today.
A $33,000,000,000 private credit fund just told investors: “You can’t have your money back.”
Cliffwater capped redemptions at 7%. Investors wanted 14%. They got HALF.

Morgan Stanley — restricting redemptions.
JPMorgan — restricting private credit lending.

You know what private credit is? It’s where YOUR pension fund parks billions. YOUR 401k. YOUR retirement.

→ BlackRock manages $10 TRILLION. A massive chunk is in private credit.
→ Your state pension? Exposed to private credit.
→ Your company’s retirement plan? Exposed to private credit.
→ That “safe” target-date fund you picked? It holds private credit.

Here’s what nobody is explaining to you:

Private credit is NOT like stocks. You can’t just sell and walk away. There is no “sell” button. The fund decides IF and WHEN you get your money back.

And right now they’re saying: NO.

2008 started EXACTLY like this.

→ Step 1: Private funds quietly restrict withdrawals ← WE ARE HERE
→ Step 2: Investors panic, everyone rushes for the exit
→ Step 3: Funds forced to dump assets at fire-sale prices
→ Step 4: Asset values collapse
→ Step 5: Banks tighten lending, credit freezes
→ Step 6: Stock market crashes 40-60%
→ Step 7: Millions lose their retirement

The S&P dropped 57% last time this happened. People who were 2 years from retirement had to work another decade.

And this time? It’s happening DURING a war. With oil at $100. With inflation coming back. With the Fed trapped.

Nobody is warning you because the people who should be warning you are the ones locking the exits.

Bookmark this. https://x.com/sungleeiq/status/2031940368988598706

 

LINKHEALTH

Decline in Independent Activity as a Cause of Decline in Children’s Mental Well-being: Summary of the Evidence – The Journal of Pediatrics
https://www.jpeds.com/article/S0022-3476(23)00111-7/abstract

LINKEpstein

“They must think that Americans are really, really stupid.”
Bryant on the Epstein “pimps” named by the New York Times.
https://archive.ph/vvQDS

“You charge them…they’d roll over on the perps in a heartbeat.”
https://x.com/RudyHavenstein/status/1945909564844474585

Christine Maxwell, Ghislaine’s sister, co-founded Chiliad – a data mining company with two people – Paul McOwen and Alan Wade. Wade was a top CIA official who also worked with PALANTIR.
CHILIAD became PALANTIR. My original thread here

Ryan Goodman @rgoodlaw
I hope this is one of the most consequential pieces I will have ever written.
Epstein and His Co-Conspirators’ New York Crimes: What NY officials can now do
https://threadreaderapp.com/thread/2032070197872369730.html

@OhRick4
Is anyone going to question Epsteins lottery win in New Mexico ?
It may sound like a random coincidence, however, the New Mexico Governor at the time was Democrat Bill Richardson who IS named in the Epstein Files and who remained in contact until the year Epstein was arrested.

In 2008 (under Bush), Jeffrey Epstein’s planes were listed as “Signatory VWP (Visa Waiver Program) Carries”. Meaning, through a legal agreement with the U.S. government, he was allowed to transport citizens from designated countries without them having to obtain a visa for up to 90 days.  2001-2009.state.gov/documents/orga

Jeffery Epstein had Melania first then she was passed on “sold” to Trump
https://x.com/ImBreckWorsham/status/2032106396997591503/photo/1

Ketamine, Prostitution and Money: Here Are The Details of a Secret DEA Probe of Jeffrey Epstein
https://threadreaderapp.com/thread/2029923761710146010.html
https://www.bloomberg.com/news/features/2026-03-06/epstein-investigated-in-dea-probe-for-ketamine-money-laundering

@JamesTate121
It’s crazy how no one in the media brought up the fact that Donald Trump won all 7 swing states by a margin just below recount levels which is mathematically on the level of winning the lottery.
The voting machines were rigged for Trump in 2016, 2020 and 2024. The only thing that saved us in 2020 was the massive and overwhelming mail-in vote due to Covid. Trump and Musk couldn’t
overcome that, hadn’t accounted for it in advance, and that’s why Trump immediately melted down & installed DeJoy at USPS to halt vote by mail. It also is why Trump was wholly consumed by calling 2020 a “stolen election.” He knew he’d rigged it. He probably lost by 10-15 million votes in all 3 elections.

A Trumpworld Events Company Is Raking In Millions in Federal Contracts
The Trump administration has awarded Event Strategies several contracts—including one that could be worth up to $100 million—with little competition, according to federal filings.
An events company whose associates helped stage the January 6, 2021, rally has signed contracts worth over $26 million with the United States government, according to documents reviewed by WIRED. Since President Donald Trump’s return to the White House, Event Strategies, a Virginia-based firm with deep ties to Trumpworld, has negotiated a contract with the General Services Administration that could be worth up to $100 million over the next 15 years.

Democratic Party according to @Polymarket are the favorites to take control of the House and Senate. Democrats have won 95% of special elections with 27% switching from Red to Blue.

Andy Thomson wins his election to be the first Democratic mayor of Boca Raton in over 30 years. After a recount he extended his win from 1 vote to 5 votes.

LINKBITCOIN

You don’t need as much Bitcoin as you might think

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ECP NetHappenings Learn how to think, not what to think

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The 20 millionth Bitcoin will soon be mined.

#THINK

Learn how to think, not what to think
Twenty Lessons, read by John Lithgow
Key selections from On Tyranny, for viewing and sharing
Timothy Snyder

#HEALTH

EFF joins @nyclu in urging Gov. Hochul to sign the New York Health Information Privacy Act, a crucial step toward safeguarding the digital privacy of New Yorkers at a time when health data is increasingly vulnerable to misuse.

Mark Cuban@mcuban
Take away control of formularies. That’s their real leverage with manufacturers.
Let independent companies fill the role. They have an exemption. And pharma is terrified of them. All because they are afraid of getting kicked off the formulary.

The big insurance companies and the PBMs they own, create almost all of the complications. They are able to do so because they control the flow of patients for hospitals/providers and drug manufacturers. They are the gatekeepers for trillions of dollars of healthcare spending. Everyone has to kiss their ass and accept the complications.

They do this via their control of networks of providers and drug formularies. That’s it.

It’s a simplification. But if we End their control of networks and formularies, healthcare can be transparent and affordable. Then the only question becomes how do patients that can’t afford their care pay for it

Answer: We use the trillions we just saved to help them.

Drug manufacturers are scared to death to lower their drug prices to be more competitive, because if they do the PBMs will take their drug off their formulary. Full transparency report to patients and providers on all money collected by PBM on every transactions.. Can’t hide the $ can’t print it.

Democrats should appoint someone who’s whole job is debunking DOGE lies in real time on every platform.

What we’re watching across North America is a controlled demolition of public health.

@SenSanders
Instead of stealing Greenland from Denmark, let’s steal some of their policies.
In Denmark:
– Health care and college are free.
– The starting wage is $22/hr.
– Paid parental leave is 1 year.
– Paid vacation is 6 weeks.
– All workers get pensions.

Canadian Prime Minister Carney: “The old relationship we had with the United States based on deepening integration of our economies and tight security and military cooperation is over.”

Senate Democrats to force vote next week on Trump’s fentanyl tariffs on Canada The lawmakers are tapping a provision in a 1976 law that allows any senator to force a vote to block emergency powers being abused by the president.

White House ordered firing of L.A. federal prosecutor on ex-Fatburger CEO case, sources say
A federal prosecutor in Los Angeles was fired Friday at the behest of the White House, after lawyers for a fast-food executive he was prosecuting pushed officials in Washington to drop all charges against him Golden age for corruption

The CDC Buried a Measles Forecast That Stressed the Need for Vaccinations
This week, as the number of confirmed measles cases rose to 483, the CDC buried a report that would’ve stressed the importance of getting vaccinated. The move was “not normal at all,” one agency staff member said.
@noproblemjack
RFK is a Dunning-Kruger poster boy. A deluded, self-proclaimed expert with a below-average intellect further diminished by brain worms, heroin, scientific illiteracy, dishonesty, and overweening ambition.

Robert F. Kennedy Jr’s explanation for socializing with Jeffrey Epstein:
“…I run into everybody in New York. I mean, I knew Harvey Weinstein, I knew Roger Ailes, I knew — O.J. Simpson came to my house. Bill Cosby came to my house.”

The big push  to discredit vaccines will spread disease among the poorest and most vulnerable. Ubermensch survive; the weak and sick perish. Certainly a MUSK / THIEL NAZI SOUTH AFRICAN policy eugenicists can get behind. Hitler would be so proud. “Don’t be afraid to call [Musk] what he is—a genocidal Nazi playing god with America, and a racist, misogynist conman who has no right to do what he’s doing.”

Democratic commissioners on the Federal Trade Commission filed a lawsuit against President Donald Trump on Thursday, saying his administration’s attempts to fire them violate the FTC Act and Supreme Court precedent. There is no precedent in the FTC’s 111-year history for a president of one party to remove commissioners of another party without cause or neglect.

AI

Kate Drawdy @GummoXXX
..many years ago, I warned on the dangers of poisoning AI training datasets.
…examples & studies
1. Nightshade Tool
2. Glaze
3. Witches’ Brew Attack
4. Poison Frogs Attack
5. Concealed Data Poisoning Attacks on NLP Models
6. Medical LLM Misdiagnosis Study (Nature Medicine, Jan 2025)
7. Spam Filter Poisoning (Gmail example)
8. Cobalt AI Data Poisoning

SSSSSSSH . . .  I’m A HACKER @AletheDenis
Just finished my 3rd straight year presenting at this elementary school on Cybersecurity as a career path. Thanks to @bishopfox for the time to share this with our pre-emerging workforce of K-6 students.
This year I completely redid all the slides and made them a more cohesive storyline but still using the characters of Zootopia to show the red team (Nick) and the blue team (Judy) perpetrating an engagement targeting employee Clawhauser and at the request of Mayor Lionheart.
I share education pathways and skills as well as things they can do now to begin learning towards these blue and red team career paths. And the coolest part? Seeing the same students come back for even a third year in a row to ask more questions and see me present again. I take tools and get to share some real (albeit redacted) stories from engagements with them and that’s when I see them really light up  #FutureOfWork #EmergingWorkforce #CyberSecurity I presented earlier this year to both college and high school student and I’m a little bias but I adore the elementary school level because the questions are so unique and really challenging to answer at this level.
Meet Alethe Denis: Entrepreneur, Cybersecurity Expert, and Pioneer in Secure Communications

MUSK IS A NAZI

massive protest. San Francisco is done with the world’s richest Nazi, Elon Musk, and his Tesla swasticars. Fuck Trump, fuck Musk, fuck fascism and fuck Nazis. $TSLA

Today is the anniversary of the attempted assassination of Ronald Reagan. We know everything about that guy, and we know nothing about the guy in the attempted assassination of Donald Trump. WHY?

How Elon Musk’s SpaceX Secretly Allows Investment From China
It’s not uncommon for foreigners to buy U.S. stock through a vehicle in the Cayman Islands, often to save money on taxes. But experts said it was strange for the party on the other side of a deal — the U.S. company — to prefer such an arrangement.

Musk has been given more power over the federal government than any other private individual since the founding. This is the world that the Supreme Court’s campaign-finance deregulation efforts have created.
Elon Musk Is Demolishing the Rationale for Citizens United
The Supreme Court said in 2010 that the decision wouldn’t damage Americans’ faith in democracy. Whoops.

TESLA IS SOMEHOW MISSING 1.4 BILLION
“Falling stock prices, plummeting car sales, protests, vandalism – what’s going on at Tesla? To add to the fire, a new report looked into Tesla’s cash flow statements and capital expenditures over the last 6 months of 2024. Compared to the company’s valuation of the assets it had acquired, the report found anomalies — namely a missing $1.4 billion.”

@kyledcheney
DOGE staffer Marko Elez, fired from Treasury for racist posts, wasn’t just rehired but has had his portfolio expanded to at least five agencies, new court filings show. Marko Elez is back in govt (and has been for weeks); Amy Gleason’s job is to recommend DOGE detailees to agencies (who can say no), Luke Farritor has access to 12 sensitive databases. New details on DOGE in Saturday court filing.

Remember this?
Trump: “Elon Musk gives me $45 million a month. We have to make life good for people like him.”

@TristanSnell
DOGE is actually INCREASING the deficit.
It has cut only a small fraction of what it’s claimed to cut.
And it’s cutting the IRS and CFPB — both of which GAIN revenue for the government.
So DOGE is a money loser — except for Elon Musk, who profits off fat government contracts.

SAY NO TO NAZIS
Real men don’t drive teslas
@YourAnonCentral
Find a Tesla protest near you, don’t see one? Create one.
http://teslatakedown.com
#3E #EndOligarchy #TeslaTakedown

Swastikar dealership
Elon Musk says he’s stepping down from DOGE in May—after claiming he “saved” $1 trillion like it’s pocket change.
But here’s what really happened:
Mass layoffs. Asset fire sales. Gutting entire departments. And now he’s moonwalking out like the job’s done.
This wasn’t efficiency—it was demolition dressed up as reform. And the bill? It’s coming later.

@SkylineReport
Donald Trump’s relentless golfing escapades during his second term have ignited a firestorm of outrage across the nation and online, with taxpayers footing a jaw-dropping bill exceeding $26 million in just the first two months of 2025 alone. The sheer audacity of these lavish expenditures has critics foaming at the mouth, especially given Trump’s brazen attacks on federal workers for supposedly slacking off—exposing a hypocrisy so glaring it could blind you from a mile away. The online backlash is ablaze with accusations of shameless self-dealing, as many of these taxpayer-funded joyrides conveniently land at Trump’s own glitzy resorts, fueling suspicions that he’s funneling public cash straight into his personal piggy bank. Meanwhile, the country grapples with towering economic and leadership crises, leaving people screaming: how can the so-called leader of the free world justify perfecting his backswing while America burns?

The Greater Cleveland Food Bank lost 20 truckloads—2 million dollars’ worth—of emergency food this week due to Trump admin cuts. That’s a million pounds of food gone. The “Today in Ohio” podcast hosts are calling it out: this is either incompetence or deliberate cruelty.

JUST IN: Citadel Securities is being named in a lawsuit for ‘spoofing trades’ and depressing a company’s stock price through ‘false sale orders’
This has major implications and could set precedent if found liable.
@JeepneyTango
This should be a slam dunk for the plaintiffs b/c there’s already precedence: a handful of big banks were found guilty of price manipulation via spoofing of gold futures on COMEX/NYMEX – 2 jpm traders got 2 year prison sentences too.
@Trevayame
This is what they do in crypto btw. They can suppress market caps synthetically with multiple wallets via algos spoofing selling.

Japan to legally classify Bitcoin and crypto assets as financial products – Nikkei

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