Polymarket fires marketing chief Matthew Modabber following internal probe
Polymarket has ousted Chief Marketing Officer Matthew Modabber after an internal investigation into marketing conduct and investor concerns as the platform weighs an initial public offering.
Prediction market platform Polymarket has fired its chief marketing officer, Matthew Modabber, following an internal investigation into controversies that unsettled investors, according to a report by the New York Post. Modabber, who joined as marketing chief in January 2024, was a longtime high school friend and close confidant of Polymarket CEO Shayne Coplan.[3][5][6]
The company launched its internal review earlier this year after several incidents came to light. Among them was an alleged promotional scheme that relied on a sham website to display staged videos of users profiting from nonexistent trades. That incident led to an ongoing investigation by the Commodity Futures Trading Commission, though no wrongdoing has been established. The review also examined more than $2.5 million sent from Modabber's personal PayPal account to over 800 influencers between January 2025 and February 2026, often without disclosing posts as sponsored.[1][2][3]
Coplan was initially irate about the push to oust Modabber and threatened to fire legal staff backing the decision, but he eventually agreed the departure was best for the firm. Polymarket's board, which includes Coplan, Nick Tomaino, Alex Spiro, and a partner from Founders Fund, determined Modabber posed an obstacle to projecting a mature image as the platform considers a potential initial public offering. Polymarket is currently finalizing terms of Modabber's separation agreement.[3][4]
Key facts
- Polymarket fired Chief Marketing Officer Matthew Modabber following an internal investigation, according to the New York Post.
- The internal probe examined a marketing campaign featuring staged clips of fake trades that triggered an ongoing CFTC investigation.
- The review also scrutinized over $2.5 million sent from Modabber's personal PayPal account to more than 800 influencers without proper sponsorship disclosures.
- Polymarket CEO Shayne Coplan initially resisted firing Modabber, a high school friend, before conceding the move was best for the business.
- Polymarket's board concluded Modabber hindered the company's efforts to present a mature corporate image as it explores an IPO.
Sources · 5 sources
- CO
CoinDesk@CoinDeskPost on X ·
NEW: @Polymarket fires CMO Matthew Modabber following an internal probe linked to a reported fake trades scheme that drew a CFTC investigation, per the NY Post. https://t.co/JxjnkIvOZJ
Open source - CO
CoinDesk@CoinDeskPost on X ·
Polymarket fires its CMO following an internal investigation into alleged fake trading, Sen. Richard Blumenthal questions payments tied to Tether's U.S. chief Bo Hines, and Ethereum developers delay the Glamsterdam upgrade on a test network over security concerns. @uyendoe has what you need to know.
Open source - UN
UnchainedArticle ·
Polymarket Pushes Out Marketing Chief Modabber, a Longtime Friend of CEO Coplan: Report Polymarket has fired chief marketing officer Matthew Modabber , a longtime friend of CEO Shayne Coplan , following an internal investigation, the New York Post reported on Oct. 22, citing people familiar with the matter. Nobody has confirmed the move on the record. According to the Post, a Polymarket spokeswoman declined to comment, and neither Modabber nor Coplan responded to its requests. Modabber had been chief marketing officer at the prediction market since January 2024 . The Post’s sources said the company opened a review earlier this year into a run of public controversies that had unsettled investors. One insider told the outlet that Polymarket is now finalizing the terms of his separation agreement and that the two sides remain on respectful terms. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . What the Review Examined Among the episodes the Post’s sources linked to the review was a promotion that allegedly relied on a sham website, set up by Modabber’s team, to show staged clips of users cashing in on trades that never happened. The Post said the scheme, which The Wall Street Journal exposed in June, triggered a CFTC investigation that remains ongoing with no wrongdoing established. Two senators also asked the CFTC to investigate at the time. One source told the Post that company lawyers had warned Modabber to end the promotion well before it became public in June. According to the Post, the review also covered payments Modabber made to influencers from a personal PayPal account, often without the posts being disclosed as paid. Politico reported in June that the account sent more than $2.5 million to over 800 people between January 2025 and February 2026. Coplan Pushed Back Modabber and Coplan have been friends since their days at Manhattan’s Beacon School, and multiple sources described the pair to the Post as “thick as thieves.” One source told the Post that Coplan was “irate” about the effort to remove Modabber and threatened to fire members of the legal team pressing for it, though he eventually conceded that letting Modabber go was the right call for the company. According to the Post’s sources, Polymarket’s board, made up of Coplan, investor Nick Tomaino , lawyer Alex Spiro and an unnamed Founders Fund partner, concluded in recent weeks that Modabber was an obstacle to the company presenting a more mature image as it weighs a possible IPO. In August, Polymarket had already reorganized its marketing group under the founder of scooter company Bird, which one insider characterized as a step down for Modabber. The report comes days after Bloomberg said Founders Fund had made Coplan repay personal expenses before investing, and that Intercontinental Exchange had pushed him to hire a chief operating officer. Related Listen: On Polymarket, You Can’t Pose a Question. On Delphi, Anyone Can The post Polymarket Pushes Out Marketing Chief Modabber, a Longtime Friend of CEO Coplan: Report appeared first on Unchained .
Open source - LS
Laura Shin@laurashinPost on X ·
Polymarket CEO Shayne Coplan was "irate" over the push to fire his high school friend and marketing chief Matthew Modabber, but later conceded it was best for the company, according to a source cited by the New York Post. https://t.co/BG4vDn1Rlq
Open source - TB
The Block@TheBlockCoPost on X ·
NEW: Polymarket has fired its chief marketing officer, Matthew Modabber, who was closely allied with CEO Shayne Coplan, the New York Post reported. This reportedly followed an internal investigation that started earlier this year after a series of incidents raised concerns among the company's investors.
Open source - CO
CoindeskArticle ·
Polymarket has reportedly fired its marketing chief, also a close friend of the CEO Matthew Modabber was reportedly ousted after an internal probe of several instances of misconduct, according to the New York Post.
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