Nina learns that Genya tailored Kaz’s injuries as well as Wylan’s face, though Kaz allowed only limited treatment so he would still look like a Barrel thug who had fought Per Haskell’s men. Kaz then pushes the crew forward: they publish the announcement that Kuwei Yul-Bo will legally auction his indenture at the Church of Barter in four days.

The notice throws Ketterdam into even greater agitation. Gossip spreads across the city, the Shu Embassy reacts urgently, and the Merchant Council must decide whether to uphold Kerch law despite knowing how valuable Kuwei is. From the clock tower, the crew watches Karl Dryden post the Council’s answer: the Merchant Council validates the auction and will represent Kuwei legally.

Kaz shifts to the next stage of the con. Because Karl Dryden is ambitious and represented by Cornelis Smeet, Kaz uses stadwatch disguises, planted impressions on sealed documents, and rumors at the Geldrenner Hotel to make Dryden believe Johannus Rietveld controls access to a valuable jurda consortium. Colm plays Rietveld, while Nina poses as his multilingual Grisha assistant, despite her fear that the Shu Kherguud might target her.

After several staged meetings fail to draw the Council, Dryden finally requests an appointment, and he arrives with Jan Van Eck. Nina helps steady Colm and uses her Grisha identity theatrically to unsettle the merchers, exposing Van Eck’s first lie about how he learned of Rietveld. Colm follows Kaz’s prepared story: an unknown Kerch buyer has been purchasing jurda farms near Cofton, which alarms Van Eck because the buyer is likely tied to his own secret scheme.

To sharpen the illusion of scarcity, Rotty escorts supposed wealthy investors through the hotel, making Dryden and Van Eck fear they will lose their chance. Van Eck proposes that the Merchant Council become the exclusive lead investors in Rietveld’s fund, and Colm demands security while pretending reluctance. Van Eck and Dryden secure twenty-four hours to make an offer, leaving the con positioned to entangle the Council financially.

As Nina leaves, Van Eck questions her connection to Kaz and the House of the White Rose. Nina turns the exchange against him by pretending sympathy over Wylan’s supposed abduction and pressing for details about Wylan’s whereabouts, forcing Van Eck into awkward lies. Nina ends by implying that only a fool would cross Kaz Brekker.