To CFTC Chairman Michael Selig:
You Said Regulation by Enforcement Is Dead.
Your Agency Is Still Destroying My Family.
Rose City Fund was SEC-registered. Every investor made money. The CFTC's own investigator admitted under oath she never reviewed the blockchain. The judgment is $209 million. Chairman Selig has not responded.
What Happened
On May 16, 2022, ten federal agents arrived at Sam Ikkurty's home at 8:40 in the morning. They had already frozen every asset he owned — based on a declaration filed by a CFTC investigator who, by her own sworn admission, had never reviewed the Ethereum blockchain.
Sam opened Etherscan on his screen and walked them through 885 transactions. Every trade Rose City Income Fund ever made. Public. Permanent. Accurate to 18 decimal places. He showed them the inbound transactions from Genie Technologies — the company the CFTC claimed was being defrauded.
The investigators said it was the first they had heard of Etherscan.
In March 2024, Judge Manish Shah entered a judgment of $209,614,892 against Sam — despite zero investor losses, despite the blockchain evidence, despite the CFTC's own investigator admitting she never reviewed it.
The appeal is now before the Seventh Circuit. Chairman Selig has declared "regulation by enforcement is dead." Sam is still waiting for that to mean something.
From the Letter to Chairman Selig
"You said regulation by enforcement is dead. I am asking you to mean it."
"Every single investor in Rose City Fund made money. Not some investors. Not most investors. Every. Single. One. The blockchain record — 885 on-chain Ethereum transactions — proves this beyond any reasonable doubt. The CFTC's own lead investigator admitted under oath that she never reviewed a single one of those transactions before the agency filed its complaint."
"You are the Chairman of the CFTC. You have the authority to end this. The question is whether you have the will."
The Account — In Sam's Words
I Showed Them the Blockchain. They Said It Was the First They Had Heard of It.
The full account of May 16, 2022 — the Etherscan moment, the Madoff framing, and the text message that proves they had the wallet address from day one.
CFTC UpdatesThe Number That Should Have Stopped Everything
Of all the crypto scams happening every day, the CFTC found the only fund that could show its accounting to the 18th decimal place. The silence when Sam said that was not confusion. It was a decision.
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About Sam
Sam Ikkurty is the managing partner of Rose City Fund — an SEC-registered digital asset fund. He is fighting a $209 million CFTC judgment in a case where every investor made money and the lead investigator admitted she never reviewed the blockchain.
Latest Writing
"Of all the scams happening every day in crypto — the CFTC managed to find the only fund that can show its accounting to the 18th decimal place."
— Sam Ikkurty, to CFTC investigators, May 16, 2022