Polymarket Chief Marketing Officer Matthew Modabber has been fired following an internal investigation into controversies involving misleading marketing practices.

According to The New York Post, which cited sources familiar with the situation, prediction market platform Polymarket has terminated its Chief Marketing Officer, Matthew Modabber. He is a high school classmate and close ally of CEO Shayne Coplan, and has served in the role since January 2024. Prior to this, the company conducted an internal investigation into multiple controversies involving Modabber. In one instance, as reported by The Wall Street Journal in June, his team allegedly created fraudulent websites to promote staged videos claiming users had profited from fake trades. This incident prompted an investigation by the U.S. Commodity Futures Trading Commission (CFTC), though no violations have been confirmed to date. Separately, Politico reported that he allegedly used a personal PayPal account to pay influencers for promotional content without disclosing the business relationship. Sources stated that Coplan was initially frustrated with the legal team driving the dismissal decision, but later came to agree that terminating Modabber was in the best interest of the company. Board members believe Modabber hindered efforts to distance the company from its grassroots startup image amid preparations for a potential initial public offering (IPO). Both parties are currently finalizing the terms of his departure agreement, and Polymarket has declined to comment.