Why wait until the end to point out that this letter is most likely nonsense? Seems unlikely that people are getting scammed out of hundreds of million dollars a month.

I tracked down the actual letter here and confirmed it has all sorts of stupid stuff in it. https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/r8LCxXQ4...

Repeatedly blames the CME, which has nothing to do with the VIX. Losses to investors of trillions in a week, what? The mechanism they describe is that the indicative VIX value is affected by option orders (true) and this somehow affects VIX futures (I'm skeptical). The only time this index affects VIX futures directly is during settlement, and the only example they provide totally mangles the definition of implied volatility.

Furthermore, they are complaining about someone posting a 0.35 executable bid in a illiquid market where the offer price is oscillating between 1.40 and 9.80. Doesn't seem sinister considering far out of the money options are known to be illiquid.