Doug Polk Steps Down as CoinFlex Ambassador: Company Halts Withdrawals

Written by:
Nagesh Rath
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Popular poker pro and podcaster Doug Polk has announced he is stepping down from his role as ambassador at Coinflex, which bills itself as the world’s first physically delivered futures exchange.


The company also appears to be in some trouble as the crypto winter sets in.... after Doug sent us all there of course.

It had halted withdrawals this past week and is now seeking investors.  We've heard this story how many times throughout the years from how many companies that have bit the dust?

“We continue to talk with investors interested in rvUSD and commitments are growing,” CEO Mark Lamb said in a blog post Thursday. “Once the token sale is fully committed, we will be able to communicate a clear path towards enabling withdrawals, but until then they will remain suspended.”

They had hoped to raise $47 million via a token sale after a certain individual’s account – Bitcoin Cash backer, Roger Ver, according to Lamb – went into negative equity during recent market volatility.

Ver countered by stating that CoinFlex owes him.

"Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false. Not only do I not have a debt to this counter-party, but this counter- party owes me a substantial sum of money, and I am currently seeking the return of my funds."

And now we have self-tanning pitchman Polk advising CoinFlex is no longer a good company, after we've already gotten burned.

CoinFlex paused withdrawals on June 23 and Polk believed they would resume withdrawals by June 30.  When a bank stops allowing withdrawals, that's an indication the bank is about to go under.

It probably would not have made much of a difference whether Polk walked away on the 23rd or July 1.  We're all screwed regardless.  Polk resigned on June 28 "once I got everything squared away on the legal fronts". 

He claims to have withheld making a statement because he "did not want to play a role in potentially harming the ability for people to get paid out."

Whatever that means.

There are not a whole lot of happy campers here.  After all, Polk promotes himself as a sort of Robin Hood figure who regularly exposes alleged cheaters and scammers.

DJ Poolson writes:

"I will say this Doug I supported this company solely on your sponsorship. I have only 20k at risk and it doesn’t harm me financially in any way but I really thought you would’ve done your due diligence. Hopefully it works itself out."

DJ Sobish (a lot of DJs following Doug apparently) writes:

"Poker pros referring to investment returns as "payouts" tells you everything you need to know about crypto. Nice shot, Doug."

Look on the bright side, at least Polk is now openly hawking a product - the self-tanner - with a key selling point being that it is fake.  

"Yo Bro! You said this stuff would give me a real sun tan!"

Said nobody.

Nagesh Rath,