Polymarket’s marketing chief, Matthew Modabber, was reportedly fired following an internal review that included allegations of fake trading.
According to a report by the New York Post, citing anonymous sources, Polymarket fired marketing chief Matthew Modabber. Modabber, who has worked at the company since January 2024, has been a close friend of CEO Shayne Coplan since their high school days.
One of the newspaper’s sources said the company was close to finalizing an agreement to part ways with Modabber. The departure reportedly followed an internal investigation into several incidents that had alarmed investors.
One allegation is that Modabber’s team created a fake website to promote videos showing users making money from fake trades. The Wall Street Journal reported on the allegation in June. The U.S. Commodity Futures Trading Commission (CFTC) is investigating the same issue; no misconduct has been proven so far.
CEO reportedly clashed with legal team
According to one of the New York Post’s sources, Shayne Coplan threatened to fire members of the legal team handling Modabber’s dismissal. The source said Coplan later acknowledged that parting ways was best for the company.
According to the newspaper, the Polymarket board concluded in recent weeks that Modabber had hindered the company’s efforts to move away from its early-stage startup image ahead of a potential IPO.
CoinDesk reached out to Polymarket for comment.
Not investment advice.