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Jane Street, Terra, and the “10AM Flush” Rumor: What’s Really Going On?
Welcome to the CryptoTwits Podcast. This episode is all about Jane Street — because there’s been “some crazy” stuff going down.
We start with the Wall Street Journal reporting tied to the Terraform Labs collapse (UST in 2022), the contagion that followed (Three Arrows, Voyager, Celsius, and eventually FTX), and why this isn’t just “crypto people suing crypto people.” The suit is tied to a court-appointed bankruptcy figure (Todd Snyder) going after Jane Street Group, including allegations around timing, backchannels, and a major UST liquidity event at Curve in May 2022.
From there we dig into the rumor mill that’s taken over X: the “10 a.m. flush” theory, claims about Jane Street deleting things, and the idea that an authorized participant in BlackRock’s IBIT could create/redeem shares to move exposure at scale. We also connect the dots to FTX and Jane Street overlaps (SBF’s time at Jane Street, the alleged $300M loss, and the broader network of former Jane Street people around FTX/Alameda).
Finally, we walk through the alleged strategy: depressing BTC via ETF activity, triggering liquidations, and positioning into leveraged proxies like MSTR — while stressing what’s rumor vs what’s verified.
Thanks for watching — and next week’s episode teases a “pretty big deal” interview in the real world asset space.
Disclaimer: All opinions expressed on this show are solely the opinions of the hosts’ and guests’ and do not reflect the opinions of Stocktwits, Inc. or its affiliates. The hosts are not SEC or FINRA registered advisors or professionals. The content of this show is for educational and entertainment purposes only. Please consult with your financial advisor before making any investment decision. Read the full terms & conditions here: https://stocktwits.com/about/legal/terms/
Chapters / Timestamps (dash formatted)
0:04 - Intro: this episode is all about Jane Street
0:14 - Terraform/UST 2022 recap and the contagion into FTX
2:03 - Who’s suing: court-appointed bankruptcy role (not “crypto people”)
2:50 - Alleged timeline: Jane Street pact with Terraform (2018)
3:08 - Backchannel allegation: former Terraform intern joins Jane Street (2021)
3:30 - May 7, 2022: alleged UST withdrawal and Jane Street swap timing
4:17 - Terra vs FTX damage and why Do Kwon should be hated more
5:41 - FTX bankruptcy gripe: valuing crypto at “time of crime” vs today
8:18 - Jane Street’s response and the Jump Trading $4B suit reference
9:29 - The “10 a.m. flush” rumor and X chatter about deletions
10:00 - Jane Street + FTX links: SBF, Caroline Ellison, and former employees
10:29 - The alleged $300M Jane Street trade during Trump’s first election
12:29 - More Jane Street/FTX orbit names and funding threads
15:01 - The 10 a.m. theory: pattern timing and why traders track it
16:41 - IBIT angle: authorized participant mechanics and unverified rumors
17:05 - Holdings cited: IBIT shares and the manipulation claim
17:52 - MSTR angle: “leveraged BTC proxy” theory
18:17 - Question: ETF vs spot BTC mechanics and why it would move price
20:04 - Theory recap: suppress BTC, accumulate proxy, profit on rebound
22:03 - Unverified claim: ‘ordered to stop manipulating’ post gets dunked
23:14 - Terra timing note: Do Kwon allegedly unreachable during the hit
24:00 - Wrap + next week teaser: real world asset interview
View all episodes
By StocktwitsWelcome to the CryptoTwits Podcast. This episode is all about Jane Street — because there’s been “some crazy” stuff going down.
We start with the Wall Street Journal reporting tied to the Terraform Labs collapse (UST in 2022), the contagion that followed (Three Arrows, Voyager, Celsius, and eventually FTX), and why this isn’t just “crypto people suing crypto people.” The suit is tied to a court-appointed bankruptcy figure (Todd Snyder) going after Jane Street Group, including allegations around timing, backchannels, and a major UST liquidity event at Curve in May 2022.
From there we dig into the rumor mill that’s taken over X: the “10 a.m. flush” theory, claims about Jane Street deleting things, and the idea that an authorized participant in BlackRock’s IBIT could create/redeem shares to move exposure at scale. We also connect the dots to FTX and Jane Street overlaps (SBF’s time at Jane Street, the alleged $300M loss, and the broader network of former Jane Street people around FTX/Alameda).
Finally, we walk through the alleged strategy: depressing BTC via ETF activity, triggering liquidations, and positioning into leveraged proxies like MSTR — while stressing what’s rumor vs what’s verified.
Thanks for watching — and next week’s episode teases a “pretty big deal” interview in the real world asset space.
Disclaimer: All opinions expressed on this show are solely the opinions of the hosts’ and guests’ and do not reflect the opinions of Stocktwits, Inc. or its affiliates. The hosts are not SEC or FINRA registered advisors or professionals. The content of this show is for educational and entertainment purposes only. Please consult with your financial advisor before making any investment decision. Read the full terms & conditions here: https://stocktwits.com/about/legal/terms/
Chapters / Timestamps (dash formatted)
0:04 - Intro: this episode is all about Jane Street
0:14 - Terraform/UST 2022 recap and the contagion into FTX
2:03 - Who’s suing: court-appointed bankruptcy role (not “crypto people”)
2:50 - Alleged timeline: Jane Street pact with Terraform (2018)
3:08 - Backchannel allegation: former Terraform intern joins Jane Street (2021)
3:30 - May 7, 2022: alleged UST withdrawal and Jane Street swap timing
4:17 - Terra vs FTX damage and why Do Kwon should be hated more
5:41 - FTX bankruptcy gripe: valuing crypto at “time of crime” vs today
8:18 - Jane Street’s response and the Jump Trading $4B suit reference
9:29 - The “10 a.m. flush” rumor and X chatter about deletions
10:00 - Jane Street + FTX links: SBF, Caroline Ellison, and former employees
10:29 - The alleged $300M Jane Street trade during Trump’s first election
12:29 - More Jane Street/FTX orbit names and funding threads
15:01 - The 10 a.m. theory: pattern timing and why traders track it
16:41 - IBIT angle: authorized participant mechanics and unverified rumors
17:05 - Holdings cited: IBIT shares and the manipulation claim
17:52 - MSTR angle: “leveraged BTC proxy” theory
18:17 - Question: ETF vs spot BTC mechanics and why it would move price
20:04 - Theory recap: suppress BTC, accumulate proxy, profit on rebound
22:03 - Unverified claim: ‘ordered to stop manipulating’ post gets dunked
23:14 - Terra timing note: Do Kwon allegedly unreachable during the hit
24:00 - Wrap + next week teaser: real world asset interview