Doug Polk and Phil Hellmuth have become embroiled in a Twitter spat over their respective cryptocurrency promotional roles. The pair have both taken flak this year after both CoinFlex and Bitcoin Latinum hit the headlines for all the wrong reasons.
Doug Polk Fires Back at Phil Hellmuth Over Bitcoin Latinum Promotion
People are coming after me like I’m the person at fault and/or this says something about my character. I stand by my decisions and I have done the right thing every step of the way. The difference between this and closing your eyes and wearing a bitcoin Latinum hat is tremendous.
— Doug Polk (@DougPolkVids) July 9, 2022
CoinFlex is a small cryptocurrency exchange focussed on derivatives trading, currently holding around $145 million in total value.
The firm sponsored the Doug Polk Podcast YouTube channel last year and in December asked Polk to take on the role of lead ambassador, given his extensive experience and knowledge of the industry.
But it all turned sour last month when it was reported that CoinFlex issued a withdrawal freeze, creating a panic among investors.
Doug Polk tweeted:
“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.”
Check out the video below for Doug Polk’s explanation of why he resigned from his ambassadorship role.
CoinFlex recently responded recently by clarifying that they are seeking to recover $84 million from a single investor who made a margin call that went wrong.
You made a big mistake @DougPolkVids! Then, you try to “compare” our involvement in the projects and throw shade at me? You are 100X more at fault. I never told anyone to buy, ever, I believed in LTNM, but I knew it was risky (I have made ZERO: was paid coins only, sold zero) https://t.co/NMu9LqlaR2
— phil_hellmuth (@phil_hellmuth) July 12, 2022
What Did Phil Hellmuth Do Wrong?
In August 2021, Phil Hellmuth started to promote the Bitcoin Latinum altcoin, wearing a sponsored cap during high-profile tournaments.
However, six months later the firm found itself at the centre of a lawsuit alleging securities fraud and misappropriation of funds.
Hellmuth has tried to make clear that he didn’t ever advise anybody to buy Bitcoin Latinum, only that he was a believer in the risky project.
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.
There’s only one Bitcoin $BTC https://t.co/CFTVgZlinj
— Doug Polk (@DougPolkVids) July 12, 2022
Doug Polk didn’t miss an opportunity to point out that any new altcoin that pops up using Bitcoin or Ethereum in its name is thought of as a scam among industry veterans.
Let’s see what else the pair of crypto fans can find to criticise each other as this heated debate is still ongoing.
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