In finance “everyone is a scammer” Nick Szabo

It seems Jane Street may have had a long-standing culture that essentially trained crypto scammers, and perhaps also concocted and ran some of the scams themselves.

Terra/Luna was a jenga tower waiting for somebody to topple it, and it may have been Jane Street that figured out how to do it. If crypto is not strong and secure against such things, it provides little or no benefit over traditional finance, so I’m not going to cry about this, and perhaps it should even be applauded.

The alleged Bitcoin ETF market making + “10 am” selling with that liquidity sounds like a considerably more problematic conflict of interest. “Negligent” might be a good way to describe the ETFs who naively trusted Jane Street with this function. Now the once-hot crypto ETFs are draining because of an understandable reduction in trust, not in the coins themselves, but in the way Wall Street “makes markets” for buying and selling them.

In finance “everyone is a scammer” — and you should stop blindly trusting scammers.

That is why Bitcoin OGs have long said, “Not your keys, not your coins,” “don’t trust, verify”, and even “trusted third parties are security holes.”

And when “the market” is so dependent on trusting strangers, especially strangers who still don’t actually understand or like Bitcoin all that much, it’s also not your “market price.”

Nick Szabo

⁦‪@NickSzabo4‬⁩

It seems Jane Street may have had a long-standing culture that essentially trained crypto scammers, and perhaps also concocted and ran some of the scams themselves.

Terra/Luna was a jenga tower waiting for somebody to topple it, and it may have been Jane Street that figured

2/26/26, 3:54 PM

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In finance “everyone is a scammer” Nick Szabo

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