I think I know what's going on here. Loki is trying to trick Luffy into freeing him so he can destroy the world with his help. His true goal is to force Luffy to submit to, and work for, the World Government. Loki also admits that he is the one who sent Road to split the Straw Hat Pirates into two groups so he can lure him here in Elbaph. Luffy, however, rejects his offer and instead exposes Loki as Imu in disguise! His cover blown, Imu forces Luffy to watch as Egghead gets destroyed by the Mother Flame, which is extracted from its original location after the Egghead Incident. Here is my concept idea for Imu for his full appearance I made a week ago for the rest of the whole manga series.

Imu - Emperor of the World Government | FandomThis is my concept character idea for the full…onepiece.fandom.com

So, what do you think? Could Loki actually be Imu in disguise? Here is the first clue from the OVA adaptation of Gatchaman.

Gatchaman OVA 1YouTube

Don't believe me? Well then, here - see for yourself.

Fifteenth Update of the Final Three Arcs (in the Final Saga and in the Whole Manga Series Itself) | FandomGood afternoon, One Piece Wiki! Today, we have…onepiece.fandom.com