ShareDoug Polk has resigned from his position as lead ambassador for CoinFlex following the debacle over paused withdrawals. The Doug Polk Podcast was sponsored by the exchange last year and it later asked Polk to work with it on a more serious basis.
All was going well until news hit that withdrawals had been paused, apparently following none payment of a margin call debt leaving the firm short of capital.
CoinFlex is only a small exchange that holds around $145 million of value but is now seeking $84 million from a single investor.
Polk said: “Recently CoinFlex paused withdrawals due to ‘extreme market conditions’ This is, in my opinion, not an acceptable action for an exchange to take. I hope that CoinFlex can figure out a way to get the money and get people paid back. But whether they do or not, I want to say sorry to the viewers of this channel that have been put in harm’s way… because of the actions taken by CoinFlex.”
Following the news of Polk’s resignation, he became a target on social media with many posters taking great delight in firing shots at the crypto fan. He responded by saying that no slight can be made on his character as everything was done in good faith.
He also couldn’t resist pointing out that Phil Hellmuth is sponsored by Bitcoin Latinum, another crypto firm that has also been in the news for the wrong reasons.
Hellmuth obviously didn’t take this lying down.
But Polk wouldn’t let go, explaining what many of us know already. Firms that use Bitcoin or Ethereum in their name are likely shady.
“I told you this personally before but will say it here as well. Anytime a coin pops up that uses "Bitcoin" or "Ethereum" in the name. It's a scam. The entire community knows this.“
A year ago, Phil Hellmuth started wearing a Bitcoin Latinum cap during poker tournaments only for the company to end up being sued over securities fraud and misappropriation of funds. Obviously not a good look but Hellmuth continues to wear the branded cap even today as the 2022 WSOP.
He points out that he has never told anybody to buy the altcoin only that he believes in it himself. Fair.
