Polymarket Reportedly Removes Marketing Chief After Internal Misconduct Review
Polymarket has reportedly fired its chief marketing officer, Matthew Modabber, following an internal investigation into several alleged misconduct incidents, according to the New York Post. Modabber is also a longtime friend of the prediction market’s CEO, Shayne Coplan.
The dismissal reportedly followed a review of multiple controversies, including an alleged effort involving fabricated trades that drew concern from investors. The Post, citing people familiar with the matter, reported that Polymarket was finalizing a separation agreement with Modabber, who had served as chief marketing officer since January 2024.
CoinDesk sought comment from Polymarket.
Polymarket operates a blockchain-based prediction market where users trade on the likely outcomes of events ranging from elections and sports to weather forecasts and the Oscars.
The platform rose to prominence ahead of the 2024 U.S. presidential election, when its forecasts received widespread media attention. The New York Post reported that Coplan, 28, became the youngest billionaire in the United States.
Allegations Involving Fake Trades
Concerns surrounding Modabber had previously surfaced in a Wall Street Journal report published in June. According to the report, his team created a fake webpage showcasing videos that purportedly depicted Polymarket users making profits from trades that were not real.
The U.S. Commodity Futures Trading Commission subsequently opened an investigation into the matter. The inquiry remains ongoing, and no wrongdoing has been proven. Polymarket told the Journal at the time that it was committed to keeping its markets accurate, fair and transparent.
CEO’s Friendship Complicated the Decision
Modabber’s longstanding friendship with Coplan reportedly complicated the process of removing him. One source told the New York Post that Coplan, angered by the effort to dismiss his friend, threatened to fire members of the legal team involved in the process.
The source said Coplan eventually agreed that ending the working relationship was the right decision for the company.
Polymarket Looks Beyond Its Startup Image
The company’s board reportedly concluded in recent weeks that Modabber was obstructing efforts to present Polymarket as a more mature business as it considers a potential initial public offering.
According to the New York Post, the board includes Coplan, cryptocurrency investor Nick Tomaino, attorney Alex Spiro and an unnamed partner at Founders Fund.
The reported departure comes as Polymarket seeks to strengthen its corporate image while facing scrutiny over its practices and the allegations surrounding its marketing operations.
