REJECTEDWALL #256
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/256
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Sam Ikkurty — Constitutional Rights & Legal Advocacy
samikkurty.com | April 14, 2026
An Open Letter to Chairman Selig: 139
Newsletters the CFTC Never Read
Dear Chairman Selig,
For four years, every Friday, I sent my investors a newsletter. I
called it Five Bullet Friday. It was not a marketing document. It
was a transparent, real-time account of what the fund held, what it
was doing, and how it was performing. Every issue is now publicly
available on this website. I am writing to you because the CFTC's
complaint against me — and the $209 million judgment that
followed — rests on a theory that these newsletters, read together,
make impossible.
What the Newsletters Document
The CFTC alleged that my fund "did not trade digital assets" and
that investor distributions were funded by other investors' deposits
— a Ponzi scheme. The newsletters document something different.
Issue #52, dated July 31, 2020, reports that the fund returned
145.66% in the month of July before fees. Issue #54, dated
September 4, 2020, reports that the fund owned 429 YFI tokens
— 1.4316% of the entire YFI protocol — and explains in detail
how staking those tokens generates yield. Issue #57, dated
September 25, 2020, reports that the fund returned 431.27% in the
month of August 2020. Issue #66, dated November 27, 2020,
reports that the fund grew by over 450% in November and had
fully recovered October losses.
samikkurty.com | April 14, 2026
An Open Letter to Chairman Selig: 139
Newsletters the CFTC Never Read
Dear Chairman Selig,
For four years, every Friday, I sent my investors a newsletter. I
called it Five Bullet Friday. It was not a marketing document. It
was a transparent, real-time account of what the fund held, what it
was doing, and how it was performing. Every issue is now publicly
available on this website. I am writing to you because the CFTC's
complaint against me — and the $209 million judgment that
followed — rests on a theory that these newsletters, read together,
make impossible.
What the Newsletters Document
The CFTC alleged that my fund "did not trade digital assets" and
that investor distributions were funded by other investors' deposits
— a Ponzi scheme. The newsletters document something different.
Issue #52, dated July 31, 2020, reports that the fund returned
145.66% in the month of July before fees. Issue #54, dated
September 4, 2020, reports that the fund owned 429 YFI tokens
— 1.4316% of the entire YFI protocol — and explains in detail
how staking those tokens generates yield. Issue #57, dated
September 25, 2020, reports that the fund returned 431.27% in the
month of August 2020. Issue #66, dated November 27, 2020,
reports that the fund grew by over 450% in November and had
fully recovered October losses.
These are not vague claims. Each issue names specific tokens,
specific wallet positions, specific protocol mechanics. Issue #54
explains that owning 1.4316% of the YFI protocol entitles the fund
to 1.4316% of the protocol's earnings. Issue #72, dated January 8,
2021, reports that the total value of all crypto assets crossed $1
trillion for the first time and describes the fund's specific positions
in that context. Issue #73, dated January 15, 2021, discusses Gary
Gensler's nomination as SEC chairman and the fund's view of the
regulatory landscape.
These newsletters were sent to accredited investors who had signed
a Private Placement Memorandum, a Subscription Agreement, and
a Limited Partnership Agreement. Every investor knew what the
fund held. Every investor received monthly statements from
Intertrust Group, the independent fund administrator. Every investor
received audited financials from Richey May. The fund was
registered with the SEC (CIK No. 0001842816).
What the CFTC Never Examined
The CFTC's lead investigator, Heather Dasso, admitted under oath
that she never looked at the blockchain. She did not know what a
PPM was when she raided my home. She did not know what a "2
and 20" fee structure meant. She did not know the fund served
only accredited investors. She had never reviewed the PPM prior to
the raid.
The CFTC filed its complaint on May 10, 2022. At that point, 885
on-chain transactions totaling $134.9 million in inflows and $130.4
million in outflows were publicly visible on Etherscan. The fund's
SEC registration was publicly visible on EDGAR. The Five Bullet
Friday newsletters — 139 issues documenting every significant
position, every major market event, every distribution — were in
the possession of every investor who received them.
The CFTC examined none of this. It examined bank records. It saw
fiat wire transfers going to a cryptocurrency exchange (Genie
specific wallet positions, specific protocol mechanics. Issue #54
explains that owning 1.4316% of the YFI protocol entitles the fund
to 1.4316% of the protocol's earnings. Issue #72, dated January 8,
2021, reports that the total value of all crypto assets crossed $1
trillion for the first time and describes the fund's specific positions
in that context. Issue #73, dated January 15, 2021, discusses Gary
Gensler's nomination as SEC chairman and the fund's view of the
regulatory landscape.
These newsletters were sent to accredited investors who had signed
a Private Placement Memorandum, a Subscription Agreement, and
a Limited Partnership Agreement. Every investor knew what the
fund held. Every investor received monthly statements from
Intertrust Group, the independent fund administrator. Every investor
received audited financials from Richey May. The fund was
registered with the SEC (CIK No. 0001842816).
What the CFTC Never Examined
The CFTC's lead investigator, Heather Dasso, admitted under oath
that she never looked at the blockchain. She did not know what a
PPM was when she raided my home. She did not know what a "2
and 20" fee structure meant. She did not know the fund served
only accredited investors. She had never reviewed the PPM prior to
the raid.
The CFTC filed its complaint on May 10, 2022. At that point, 885
on-chain transactions totaling $134.9 million in inflows and $130.4
million in outflows were publicly visible on Etherscan. The fund's
SEC registration was publicly visible on EDGAR. The Five Bullet
Friday newsletters — 139 issues documenting every significant
position, every major market event, every distribution — were in
the possession of every investor who received them.
The CFTC examined none of this. It examined bank records. It saw
fiat wire transfers going to a cryptocurrency exchange (Genie
Technologies, affiliated with ZebPay) and no fiat wire transfers
coming back. It concluded this was a Ponzi scheme. It never asked
where the value went when it left the fiat banking system and
entered the blockchain. The answer — visible on Etherscan,
documented in every Five Bullet Friday newsletter — is that it
was converted into digital assets that generated returns.
The Investors Knew What They Owned
Sixty-nine investors filed letters with the court opposing the CFTC's
actions. Not one complained of fraud. Not one reported a loss. The
CFTC's own forensic expert, StoneTurn Group, concluded that a
Ponzi scheme was mathematically impossible given the fund's
structure and the evidence. The investors who received Five Bullet
Friday every week for four years knew exactly what they had
invested in. They said so, in writing, to a federal court.
The Question
Chairman Selig, you have stated publicly that the CFTC under your
leadership will end "regulation by enforcement." The Five Bullet
Friday newsletters are not legal arguments. They are
contemporaneous business records — 139 issues, publicly
available, documenting a fund that was doing exactly what it told
its investors it would do. The CFTC obtained a $209 million
judgment against that fund without examining those records,
without examining the blockchain, and without a single investor
complaint.
I am asking you to look at the record. All 139 newsletters are
available on this website. The blockchain evidence is available at
etherscan.io. The investor letters are available at samikkurty.com/
legal-documents. The StoneTurn report is available at
samikkurty.com/legal-documents/expert-report-stoneturn.
coming back. It concluded this was a Ponzi scheme. It never asked
where the value went when it left the fiat banking system and
entered the blockchain. The answer — visible on Etherscan,
documented in every Five Bullet Friday newsletter — is that it
was converted into digital assets that generated returns.
The Investors Knew What They Owned
Sixty-nine investors filed letters with the court opposing the CFTC's
actions. Not one complained of fraud. Not one reported a loss. The
CFTC's own forensic expert, StoneTurn Group, concluded that a
Ponzi scheme was mathematically impossible given the fund's
structure and the evidence. The investors who received Five Bullet
Friday every week for four years knew exactly what they had
invested in. They said so, in writing, to a federal court.
The Question
Chairman Selig, you have stated publicly that the CFTC under your
leadership will end "regulation by enforcement." The Five Bullet
Friday newsletters are not legal arguments. They are
contemporaneous business records — 139 issues, publicly
available, documenting a fund that was doing exactly what it told
its investors it would do. The CFTC obtained a $209 million
judgment against that fund without examining those records,
without examining the blockchain, and without a single investor
complaint.
I am asking you to look at the record. All 139 newsletters are
available on this website. The blockchain evidence is available at
etherscan.io. The investor letters are available at samikkurty.com/
legal-documents. The StoneTurn report is available at
samikkurty.com/legal-documents/expert-report-stoneturn.
The record does not require interpretation. It requires only that
someone read it.
Respectfully,
Sam Ikkurty
someone read it.
Respectfully,
Sam Ikkurty
Share this record
VERIFICATION RECORD
Submission trackF
StatusREJECTED
Posted2026-04-14T08:17:04.000Z
SHA-256 hashcbc11232a4a367161d1058dd254a2b7a26f95424245ca5c4a7837ee81eaab519
Permanent record. This document is permanently archived on Arweave — a decentralised storage network — where it will persist independently of this website, any server, or any court order. The SHA-256 hash above cryptographically proves the document has not been altered since archiving.