UPDATED with video: Stephen Colbert explained to Late Show viewers how President Donald Trump blew the lid off the “deep state” plan to infiltrate his campaign and hand the election to Hillary Clinton.

Follow Trump down this latest rabbit hole:

The ‘deep state’ FBI embedded a spy very early in the campaign. The bureau paid this spy massive sums of money to sabotage the Trump campaign, with false claims of Russian collusion that would appear in the press. This was done in order to help Hillary Clinton win the presidential race.

“And then – and here’s the insidious part – they didn’t tell the press,” Colbert revealed. And, also, Hillary Clinton did not win the election. She lost.

“So when Trump revealed this plot,” Colbert disclosed, “he would seem like a desperate criminal spinning conspiracy theories, to stop the walls from closing in.”