HLP made ~$50M from the Oct 10 crash, and ~$20M again on Jan 31. Most debate focused on ADL. That's not where the money came from. With @ciamac (@Columbia_Biz @paradigm), @Qiaoqiao2001(@Columbia_Biz), and @xxxin001 (@StanfordMSE), we traced the full pipeline. Here's how it actually works. (h/t @AlliumLabs)