A funded counterparty bought and sold back positions against Car twelve times. Every round restored the two wallets’ incremental target-market holdings; every round paid Car a cash gain. In a57-minute window, those loops accounted for32,100 of32,115USDC.e of independently verified collateral turnover in three markets—99.95%. During the33-minute episode every observed fill in those markets was between these two wallets. Car was the maker in all24 settlements; an independent counterparty paying ordinary maker spreads remains possible. These are concrete circular-trading facts, not proof that Car directed the counterpart or intended artificial volume.

Window:2025-09-12 18:01:29–18:58:31UTC,57m02s,3markets,2then-deployedcanonicalV1exchanges. Other3settlementsallinvolveCar+outsidecounterparty AFTERtheepisode, withtypesMINT/MERGE/MINT. Public sampled prices do not substantiate a displayed-price pump.

Replay:python3 analyze_combo_context.py (offline;doesnotmodifyfindings unless--write).
