Polymarket fires Chief Marketing Officer following internal probe

Polymarket has dismissed its Chief Marketing Officer, Matthew Modabber, following an internal investigation into several incidents that raised concerns among investors. Modabber, who held the position since January 2024, was a close associate of CEO Shayne Coplan.

The investigation followed reports, including a June exposé by the Wall Street Journal, alleging that Modabber’s team utilized a fake webpage to promote staged videos of users profiting from phony trades. This matter has prompted an ongoing investigation by the Commodity Futures Trading Commission (CFTC), though no wrongdoing has been officially established.

Insiders suggest the decision was influenced by the company's desire to move past its startup image and prepare for a potential initial public offering (IPO). The company has stated it remains “committed to maintaining accurate, fair, and transparent markets.”