Many Eyes was just grasping at straws and didn't really think Loki was serious when Loki made the claim. In fact, he was further certain that Loki would not spare him now that he had tried to kill Loki.
So he was surprised when Loki said, "Of course, i will let you go. I said I would let you go as long as you give me all your worlds and I meant it."
His words made Many Eyes pause and begin contemplating his options. When Shadow Body noticed that he had stopped producing small eyes, he shouted at Many Eyes, saying, "What nonsense are you thinking about in the middle of battle? Or do you really think he will spare you? He is only lying to you to weaken us."
This made Loki sneer and say, "I am clearly stronger than the two of you. It is only a matter of time for me to kill you both. So why would I lie?"
As he spoke, he smashed the deceiver in the throat. This caused the man's throat to cave in. But this didn't stop Shadow Body from speaking.
