Over tea and coffee, Elizabeth takes charge of questioning Davey Noakes about the CCTV showing him meeting Holly Lewis the day before Holly died. Paul quietly reframes the key issue: instead of asking why Davey wanted to see Holly, Paul suggests asking why Holly wanted to see Davey. Davey confirms that Holly approached him, not the other way around.

Davey then explains that Holly and Nick Silver had recently decided to cash out their Bitcoin, but Holly wanted more than her half. According to Davey, Holly told him she had planted a bomb under Nick's car so Nick would die, leaving Holly with Nick's code and control of the full £350 million. Holly allegedly wanted Davey to broker the money afterward, assuming he would admire the plan.

Davey says he checked whether the bomb had gone off, saw no news, and sent Holly home while he investigated. Davey claims he went to Nick's house with one of his men, found the bomb still attached to Nick's car, and removed it, thereby saving Nick's life. Davey adds that he then tried to find Nick to warn him, but Nick had already vanished, and Davey denies responsibility for the damage to Nick's office.

Davey insists he did not kill Holly. Instead, Davey says he wanted to warn Holly off, so he had the bomb placed back in Holly's car with a note saying, Play fair. Davey says the bomb was left on the passenger seat where Holly could not miss it, but Holly was later killed when the bomb exploded in her own car. The group realizes that, if Davey is telling the truth, Holly died because of the same weapon she had prepared for Nick.

Davey believes Nick is now hiding because Nick thinks Davey was trying to kill him. Davey says Nick is extremely skilled at disappearing and is likely living off cash in some anonymous place, cut off from phones, cards, cars, computers, and CCTV. Elizabeth accepts that Davey's account fits many facts, but she also thinks it may be too neat, so she openly suggests that Davey and Nick could be working together to blame everything on Holly; Davey replies that there is one major problem with that theory, ending the chapter on a new unresolved question.