LUNA collapsed but made significant profits, continued arbitrage on Polymarket, revealing the trading logic of Jane Street, the low-key hometown of SBF On May 7, 2022, two days before the collapse of UST, Terraform Labs quietly withdrew $150 million UST from the Curve liquidity pool. About 9 minutes later, an on chain wallet sold approximately $85 million UST in the same pool. On that day, Jane Street cleared all positions of approximately $192 million and further shorted UST and LUNA. Terraform's bankruptcy trustee alleges that this series of transactions ultimately brought Jane Street approximately $134 million in profits. One of the key figures accused is Bryce Pratt, who interned at Terraform and joined Jane Street in September 2021. The lawsuit claims that he established a Telegram group called Bryce's Secret and passed on Terraform's non-public plans, including the decision to withdraw liquidity, to Jane Street. Jane Street denies the allegations, stating that all trading decisions are based on public market signals. At present, the case is still in the litigation stage. In December 2025, an address appeared on the chain, initially named JaneStreetIndia and later changed to Account88888. It is active in the 15 minute Bitcoin rise and fall prediction market of Polymarket, but does not bet on whether Bitcoin will rise or fall, betting on market pricing errors. This strategy is called Dutch Book Arbitrage, which involves placing bets in two directions simultaneously and calculating the odds difference to build a combination that can lock in small profits regardless of the final outcome. The robot performs high-frequency execution 24/7, with small amounts per transaction, but the trading frequency is extremely high and almost continuous. Within 25 days, the address accumulated a profit of approximately 360000 US dollars, of which 23 days were profitable. The two events are separated by three years, but the underlying logic is to discover the imbalance in the market and quickly trade. In the same year, the Indian securities regulatory agency SEBI accused it of market manipulation in the trading of Bank Nifty index options, suspected of profiting by influencing the settlement price of the index through trading. SBF， I worked at Jane Street for four years, transitioning from an intern to a full-time trader. Many early trades by FTX and Alameda Research emphasized arbitrage, liquidity, and infrastructure development rather than simply betting on asset prices, all with a distinct Jane Street style. Caroline Ellison, who later became the CEO of Alameda and his girlfriend, was also on Jane Street at the same time as him. Brett Harrison worked on algorithmic trading systems on Jane Street for 8 years and later served as the President of FTX US. What they took away was not only specific trading experience, but also a methodology for understanding market operation mechanisms. Jane Street was founded around 2000 and is one of the world's top quantitative trading companies and market makers. Unlike traditional investment banks such as Goldman Sachs and Morgan Stanley, Jane Street primarily uses its own funds for trading, earning profits through market making, arbitrage, and high-frequency trading. Its true core advantage lies in its understanding of market structure, as well as long-term investment in low latency trading systems, mathematical models, and engineering infrastructure. Around 2017, Jane Street began to lay out cryptocurrency trading. In 2018, JCX, an institutional OTC platform, was launched to provide digital asset trading liquidity for institutional clients. Afterwards, we further entered Bitcoin ETFs, cryptocurrency exchanges, DeFi protocols, and prediction markets, investing in or laying out projects such as Kraken, 1inch, and Arbitrarum. In 2024, the Bitcoin spot ETF was approved, and Jane Street, as a core authorized participant in multiple Bitcoin spot ETFs, is mainly responsible for creating and redeeming ETF shares, and earning profits through basis arbitrage and liquidity provision. Including other publishers such as BlackRock's IBIT, Fidelity's FBTC, WisdomTree, etc. Unlike traditional institutions that invest in Bitcoin, Jane Street is more like an invisible infrastructure player in the cryptocurrency market. It always focuses on understanding and participating in market structure, does not predict price direction, but seeks imbalances in market operation and participates in it through technological means.