Three weeks after Kuwei’s auction and the plague panic, Kaz conducts business from Per Haskell’s former office in the Slat. Anika reports on the Crow Club, while Kaz reflects that the city’s instability has created opportunities: property prices have fallen, Kaz has bought the building beside the Crow Club, acquired a small property on the Lid, and purchased Haskell’s shares at a fair price.

Pim reports on Van Eck’s trial. Johannus Rietveld has not been found, but Van Eck’s financial records expose his jurda schemes, auction tampering, kidnapping of Wylan, and possible links to the Ice Court job and his own ruined silos. Van Eck remains jailed, with Wylan providing only modest money for his defense. Wylan uses his inherited wealth to restore his home, supports Jesper with a small investment allowance, brings Marya Hendriks home, and lets Alys leave the city for the Hendriks lake house.

Kaz dismisses Anika and Pim, then considers the larger state of the Barrel. Kaz has barely slept because Pekka Rollins has fled Ketterdam with his son, and Rollins’ businesses are weakening under quarantine and poor leadership. Kaz knows Rollins may recover eventually, so Kaz remains alert and determined to cut Rollins out of any future profits.

Anika delivers a letter sealed with pale blue wax and a golden double eagle. Kaz reads it, burns it, writes a reply sealed in black wax, and decides to deliver the note himself because Inej has been staying at Wylan’s house and has left occasional intelligence notes in Kaz’s office. On the way out, Kaz orders Anika and Pim to drum up business for the Crow Club despite the plague panic.

As Kaz walks toward the financial district, an unnatural mist rises from a canal and six masked Tidemakers surround Kaz. The Council of Tides demands the real Kuwei Yul-Bo, but Kaz insists Kuwei is dead. When a Tidemaker magically fills Kaz’s lungs with seawater and threatens Kaz’s friends, Kaz counters by claiming he created and controls the plague and can make the Council’s obelisk towers disease centers that force public exposure of their identities.

The Council warns that jurda parem must never become public because Grisha everywhere would be endangered, but Kaz maintains that the secret died with Kuwei. The Tides withdraw after promising Kaz will regret his defiance. Kaz accepts that they may want something from him later, then continues on to complete his unfinished business.