Mr Page's resignation, after he was prevented from standing as a UKIP candidate MEP for East Anglia, is a major setback for the Eurosceptic party ahead of European elections this summer.
"There are accusations of rigged internal elections, tales of extravagance and high living in Brussels and an embarrassing stampede to try to board the European gravy train this June," he writes in The Daily Telegraph.
"In short, Ukip is in the process of imploding."
Mr Page has accused Mr Farage, who he described as a "Blair-like, ex-public school leader", of running Ukip as his personal party.
"Nigel Farage has managed to obtain almost complete centralised power of Ukip," he wrote.
Perhaps most damagingly, Mr Page has accused Ukip of losing its way after its Euro-MPs jumped aboard the EU's notorious pay and perks gravy train.
"Stories from Brussels suggest that Ukip's MEPs have come to love the high life of gravy and status. The party created to fight centralised government, sleaze and corruption has become a parody of itself, a mirror image of the body it professes to loathe," he said.
Mr Farage has accused Mr Page of not being able to "separate fact from fiction and disappointment from reality" after failing to submit his application to be an MEP.
"This diatribe seems to be laced with bitterness, inaccuracy and fantastical misinformation," he said.