Regarding the allegations of insider trading and market manipulation by Jane Street in the crypto market, it reminds me that last year Jane Street was fined $500 million by the Securities and Exchange Board of India (SEBI). SEBI accused four affiliated entities under Jane Street of systematically manipulating the Bank Nifty index (bank stock index) during 18 derivative expiration dates from January 2023 to March 2025 through coordinated high-frequency trading strategies, artificially inflating or deflating settlement prices to profit from their massive options positions. Jane Street was temporarily banned from participating in the Indian securities market (including account freezes, prohibition of new trades, restrictions on asset transfers, etc.). This was one of the largest enforcement actions in recent years by the Indian capital market against high-frequency/algorithmic trading. Meanwhile, Jane Street's profits in the Indian market from early 2023 to 2025 were approximately $4 billion, and the fine accounted for about 1/7–1/8 of its Indian profits. As of now, Jane Street's trading privileges in India have been restored, but whether they have actually returned to the market and the final administrative/judicial outcomes remain unresolved. This post is sponsored by @bitget_zh, "Bitget Buy US Stocks: Instant Entry, Smooth Trading."