A wallet turned $29.87 into a position worth $2.01M in two months. Everyone's first instinct is "insider." Four publicly verifiable tests say otherwise. The framework: excess return decomposes into Leak, Inference, and Presence. Wall Street never criminalized presence — it severed the people who have it from the capital that could act on it. Permissionless markets welded them back together, and everyone misread the result as insider trading.