Chapter title is "Villain"
The chapter begins with Deku and Bakugou training. He says that Cluster is based on the principle that he learned from Endeavor, of "concentrating" and "releasing". He produces multiple spheres of sweat and explodes them simultaneously. That is why he is wearing his winter costume, to increase sweat production.
Todoroki is also training, he wants to improve the control of the two halves of his body.
Kaminari is talking to Mineta, saying that the two enemy generals are weakened. Also, Gigantomachia is still sleeping and has been imprisoned, so the chances for victory are greater than ever. We see a metal structure being built, supposedly the place where they are holding Machia.
Bakugou says that they are way too optimistic, and that he has 3 points that prove how difficult it will be. First, they are unlikely to find All for One. Until today, even when they found the Noumu labs or Shigaraki's hideout, All for One was never there. Besides, he hid for several years after he lost to All Might the first time.
Second, Shigaraki was already weakened in the last battle and even then he put in all that work. To think that it will be an easy fight now, even more so with the reduced number of heroes, is very naive.
And third, the villains must already have a plan and are waiting for the right moment. Even supposing that Search was destroyed in the fight against Star, they must have a plan B. The best thing to do now is to prepare for their attack.
Deku says that he still wants to go out to search for them, but Iida chops him on the head telling him not to think of "me", but "us". They also say that they can now move around more freely, because Uraraka's speech has brought the students closer to the civilians. The conclusion Kaminari comes to is that no matter if they move or wait, All for One is sure to be laughing at them.
We then see Hagakure in the forest, saying that a certain someone is quite depressed since the end of the war. She watches three people talking in the distance, one of them says that the other has to obey because "he" is back giving orders. They says that he just needs to keep doing as he always did, because the signs are disguised as everyday actions and are impossible to trace.
Hagakure then thinks that even after Midoriya came back, this person didn't smile once. She was worried and went after him, but that's when she found out: Aoyama is the traitor. His parents are telling him that he needs to keep obeying All for One or else they will be killed.
She says that he has already obeyed AFO's requests as soon as the school year started, and then informed him the location of the training camp without anyone finding out. Aoyama cries and tries to oppose to them, but his parents quickly say that they are not doing it because they like it either, but it is too late to go against him. Hagakure is listening to everything and can't believe it, she thinks back to the villains' attacks on USJ and the forest.
Aoyama's mother says that they only wanted their son to be happy and we see a small flashback. She asks "do you want to be like everyone else, Yuga", and he replies "yes, because being the only one different is scary". Aoayama was born without a quirk, so his parents asked All for One to grant him one so he could chase his dreams.
Hagakure realizes that she needs to warn a teacher, but sees someone approaching. Aoyama still cries, saying that he has suffered all this time. He dedicated himself to this role so as not to arouse suspicion and not to be consumed by guilt. When All for One was arrested in Kamino he thought he could finally live peacefully with his friends, but he was wrong.
His parents apologize and Aoyama says that he did all this to protect them, because he didn't want them to be killed. They then ask him to continue protecting them, but it is at this moment that Deku arrives, brought by Hagakure.
He says he heard from Hagakure something about the traitor and asks if it's true, but the parents try to play dumb. Aoyama cries non-stop while looking at Midoriya. He blames himself for being the only one who didn't say anything to him during the rescue, and we see a panel showing his reaction to the letter Deku left when he left U.A.
Midoriya said that he had gone to the forest to look for him because he realized that something was wrong, Aoyama was the only one who remained sad all this time. It is at this point that he breaks and starts talking, saying that he leaked the location of the camp and USJ. "I am a disgusting villain, Midoriya." The last panel is a flashback of the cheeses he left on Deku's balcony during that one chapter, which spelled "I know everything"