Polymarket fires chief marketing officer after internal investigation
Polymarket has fired its chief marketing officer Matthew Modabber following an internal investigation into practices that raised investor concerns.
The internal review began earlier in 2026 and centered on marketing practices that alarmed investors. Two key issues emerged: a fake webpage promoting staged profit videos and over $2.5 million routed through Modabber's personal PayPal account, with at least $350,000 going to undisclosed promotional content creators.
Regulatory concerns
The Wall Street Journal first reported on these practices in June 2026. The fake webpage has been linked to an ongoing investigation by the Commodity Futures Trading Commission, though Polymarket has not faced any formal regulatory finding of wrongdoing.
Senior exit
Modabber joined Polymarket in January 2024 as the eleventh employee and was described as a trusted advisor to CEO Shayne Coplan. He oversaw a marketing team of over 50 people and claimed responsibility for boosting daily trading volume from $300,000 to nine figures.
The decision to part ways was partly shaped by the board's push for a more polished image ahead of a possible IPO.
Market impact
Modabber's dismissal signals the board's willingness to act against questionable practices, even when involving a senior insider. The CFTC investigation remains a significant risk, while staged profit videos and undisclosed promotions potentially undermine user trust in the prediction markets platform.
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