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The Guild of the Sly was part of a group of a larger guild that were secretly a cult of Taara and Illotha, among others, behind the scenes. Previously led by a mysterious individual known as The Smiling Man, each individual chapter of the Guild of the Sly was unique in and of itself but still loyal to the head guild located in Tashraan in Veyshan. This changed in Alexandria with the toppling of previous guild heads and the establishing of a new order known as The Guild.

The arrival of the mysterious Ebon Syndicate was in part to blame for this. Their own motives are mysterious as is their leadership and their ultimate goals but they wasted no time in involving themselves in Alexandria's often dirty and convoluted underworld of smuggling, contrabands, drug trafficking and more. Due to its nature, membership in the Ebon Syndicate is not available to PCs.

Today, the Guild of the Sly operates as a loose organization of arson specialists, general agents, thugs, rumormongers, and so on with a large number of thieves. While generally for hire, they're also engaged in turf wars with the Syndicate and other groups. Their specialization in theft makes them a focused target of the powerful merchant groups and guilds, and encouraged such guilds to build closer ties with the Syndicate as well as the recently established Sunset.