The Last Counterattack by the Memory Thief Who Revealed His True Colors!

Having recovered what they lost, the villagers rejoice, and the cloaked boy finds his mother again before steering everyone toward the thief still hiding among the trees. There, Zoro closes in on the crew itching for a fight, and Sanji moves to take him on, until Luffy comes flying in and flattens the pair of them.

Coming to, Zoro explains that his memory returned the instant the seahorse coughed it up. He dives into the water after the creature, but once it is cornered it plays a desperate final card. The gas it sprays drives the crew into hallucinations, summoning first the cherished faces of their pasts: Shanks, Ace, Zeff, Kuina, Kaya, Hiriluk, and Bell-mere. Old enemies follow next, with phantom versions of Enel, Crocodile, Krieg, Kuro, Wapol, and Arlong rising up around them. The seahorse then siphons away the crew's complete memories, a haul that bloats it and lets it float as it boasts of having become a Sennenryu. Luffy hurls himself upward, wraps tight around the thing, and squeezes until it gives his own memories back first, after which he finishes it so it surrenders the rest and soars away. When the crew asks for a reward, the villagers take them for the real thieves and chase them off, forcing an empty-handed retreat aboard the Waver.

This entry brings the Ocean's Dream Arc to its conclusion and is anime-original filler. A late scene clarifies that Luffy lagged behind Zoro because a boulder had trapped him. Every returning ally and antagonist appears purely as a hallucination.