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From Mark's episode we know the kid that the blackmailer thinks Walter killed is Mark's brother. I think the blackmailer is another kid from the friend group that hasn't been properly introduced yet, and that he's manipulating both Mark and his dad. While Rai certainly has motive to kill Walter, he wouldn't manipulate Mark with a fake blackmail threat, he would just try to kill Walter on his own. Since Logan's family is mafia, the "the Graham" thing may be a hint that Walter's family could be too, as well as Gil's since the McGraths and Learnards had family meetings.