Polymarket Removes Marketing Chief Matthew Modabber

Prediction market platform Polymarket has removed Matthew Modabber, who had served as its marketing chief since January 2024. According to a New York Post report, the decision followed an internal review of a series of incidents that unsettled investors. Sources say a separation agreement has been prepared and that both sides respect each other. Neither Polymarket nor Modabber has issued an official public statement.

The review centered on a Wall Street Journal report published in June. According to the paper, Modabber's team built a fake web page to promote videos showing profits from fake trades. Some content creators shared clips featuring users who supposedly won about 1.9 million dollars on the platform. The US Commodity Futures Trading Commission is investigating the matter. The investigation is ongoing, and no wrongdoing has been established so far.

The review also covered transactions in Modabber's personal PayPal account. According to a Politico report, between January 2025 and February 2026, more than 2.5 million dollars was paid to over 800 recipients, at least 350 thousand dollars of which went to well-known influencers. In an account linked to an Italy-based salad chain that Modabber co-founded, Polymarket was promoted without disclosing that the payments were advertising.

Modabber is a close friend of 28-year-old CEO Shayne Coplan. Coplan became the country's youngest billionaire after the platform's odds on the 2024 presidential election drew wide attention. The two were closely tied during the company's rapid growth. That bond made it harder to impose discipline. In recent weeks, the board reportedly concluded that Modabber was obstructing the company's effort to shed its startup image. A possible initial public offering also sits in the background of this process.