REJECTEDWALL #172
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/172
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SAM IKKURTY — CONSTITUTIONAL RIGHTS ADVOCATE samikkurty.com
C F T C U P D A T E S
The CFTC's Lead Investigator Never
Looked at the Blockchain
Published at samikkurty.com/blog/cftc-investigators-never-looked-at-blockchain | Case No.
1:22-cv-02465 (N.D. Ill.) | 7th Cir. No. 24-2684
In a case built entirely on allegations about a DeFi fund's Ethereum
blockchain transactions, the CFTC's lead investigator, Heather Dasso,
admitted under oath during her deposition that she never reviewed the
blockchain records.
Her exact words: "As far as this case, I did not look at the blockchain,
correct."
This admission is not a minor procedural oversight. It is the central
evidentiary failure of the entire prosecution.
## Why the Blockchain Was the Most Important Evidence
Rose City Fund's entire investment strategy operated on the Ethereum
blockchain. Every transaction — every deposit, every DeFi protocol
interaction, every withdrawal — is recorded immutably and publicly at
wallet address 0x168fa4917e7cd18f4ed3dc313c4975851ca9e5e7.
The CFTC's complaint alleged that the fund "never traded digital assets"
and that investor funds were misappropriated. Both allegations are
directly contradicted by the blockchain record, which shows:
C F T C U P D A T E S
The CFTC's Lead Investigator Never
Looked at the Blockchain
Published at samikkurty.com/blog/cftc-investigators-never-looked-at-blockchain | Case No.
1:22-cv-02465 (N.D. Ill.) | 7th Cir. No. 24-2684
In a case built entirely on allegations about a DeFi fund's Ethereum
blockchain transactions, the CFTC's lead investigator, Heather Dasso,
admitted under oath during her deposition that she never reviewed the
blockchain records.
Her exact words: "As far as this case, I did not look at the blockchain,
correct."
This admission is not a minor procedural oversight. It is the central
evidentiary failure of the entire prosecution.
## Why the Blockchain Was the Most Important Evidence
Rose City Fund's entire investment strategy operated on the Ethereum
blockchain. Every transaction — every deposit, every DeFi protocol
interaction, every withdrawal — is recorded immutably and publicly at
wallet address 0x168fa4917e7cd18f4ed3dc313c4975851ca9e5e7.
The CFTC's complaint alleged that the fund "never traded digital assets"
and that investor funds were misappropriated. Both allegations are
directly contradicted by the blockchain record, which shows:
- $19 million in verifiable DeFi transactions
- Legitimate interactions with OHM, KLIMA, and other DeFi protocols
- No evidence of misappropriation or fund commingling
Investigator Dasso never looked at any of this.
## The Second Critical Admission
Dasso also admitted: "No customer has ever told me that they did not
receive their promised dividend payment."
In other words: the lead investigator in a case alleging investor fraud had
never spoken to a single investor who claimed to have been harmed.
## What This Means
The CFTC built a multi-year, multi-million-dollar enforcement action
against Rose City Fund without:
1. Reviewing the primary evidence (the blockchain)
2. Identifying a single investor who suffered actual harm
This is not aggressive enforcement. This is willful blindness — and it is
exactly the pattern that CFTC Commissioner Pham publicly condemned
in May 2025 when she stated that the Division of Enforcement "has for
far too long maintained a culture that the CFTC is above the law."
## The Deposition Transcript
The full Heather Dasso deposition transcript is available in the Legal
Documents section of this site. I encourage everyone — journalists,
policymakers, investors, and members of the public — to read it and draw
their own conclusions about the quality of the CFTC's investigation.
- Legitimate interactions with OHM, KLIMA, and other DeFi protocols
- No evidence of misappropriation or fund commingling
Investigator Dasso never looked at any of this.
## The Second Critical Admission
Dasso also admitted: "No customer has ever told me that they did not
receive their promised dividend payment."
In other words: the lead investigator in a case alleging investor fraud had
never spoken to a single investor who claimed to have been harmed.
## What This Means
The CFTC built a multi-year, multi-million-dollar enforcement action
against Rose City Fund without:
1. Reviewing the primary evidence (the blockchain)
2. Identifying a single investor who suffered actual harm
This is not aggressive enforcement. This is willful blindness — and it is
exactly the pattern that CFTC Commissioner Pham publicly condemned
in May 2025 when she stated that the Division of Enforcement "has for
far too long maintained a culture that the CFTC is above the law."
## The Deposition Transcript
The full Heather Dasso deposition transcript is available in the Legal
Documents section of this site. I encourage everyone — journalists,
policymakers, investors, and members of the public — to read it and draw
their own conclusions about the quality of the CFTC's investigation.
Sam Ikkurty · samikkurty.com · All documents and evidence available at samikkurty.com/
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VERIFICATION RECORD
Submission trackF
StatusREJECTED
Posted2026-04-14T08:13:55.000Z
SHA-256 hash3569e74b73123715b1dfe6e919774d3b5e8bdfaad60e69d851424b7ee4cf8d95
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