They all had a ton of setup to be major arc villains before their arc started. There was literally 0 setup for Loki being an arc villain before this chapter
If Loki really was the main villain, we wouldn’t learn so much about him so quickly. Oda wouls normally write it like this:
1. Just reveal that Loki is the “shame of Elbaf” in this chapter, and leave it a mystery as to why.
2. Mention a few chapters later that King Harald was assassinated
3...
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