Polymarket Fires CMO Matthew Modabber After Internal Investigation

Matthew Modabber, who served as Polymarket’s chief marketing officer since 2024, has reportedly been fired following an internal investigation launched this year. The ouster reportedly angered CEO Shayne Coplan, a long-time friend of Modabber.

What Happened

Matthew Modabber, Polymarket’s chief marketing officer since 2024, has been reportedly terminated after an internal investigation initiated this year, according to the Hindustan Times. This dismissal is part of recent upheavals at the prediction market company, as reported by The New York Post, and has raised concerns among Polymarket shareholders.

Modabber’s firing follows a reported scheme, uncovered by The Wall Street Journal in June, where his team allegedly created a fabricated website to promote staged videos of users generating profits from simulated trades. This incident led to an ongoing investigation by the Commodity Futures Trading Commission, though no wrongdoing has been established yet. At the time of The Wall Street Journal’s report, Polymarket stated its commitment to “maintaining accurate, fair, and transparent market.”

Key Details

• Matthew Modabber joined Polymarket as employee number 11 and served as chief marketing officer since 2024, according to his LinkedIn profile.
• Modabber reportedly helped increase the company’s daily volume from $300,000 to “mid 9-figure daily volume via digital growth hacks” and claimed to have “Built and led a 50+ person team across marketing, partnerships, and growth.”
• The dismissal reportedly complicated matters due to Modabber’s close alliance and friendship with Polymarket CEO Shayne Coplan, with whom he attended Beacon School in Manhattan, according to The New York Post.
• Sources told The New York Post that Modabber was known for making impulsive decisions that resulted in public relations challenges.
• Polymarket’s board, including Coplan, crypto investor Nick Tomaino, corporate lawyer Alex Spiro, and an unidentified partner at Peter Thiel’s investment firm Founders Fund, decided that Modabber’s presence hindered Polymarket’s efforts to transition from a startup image, particularly as it considers a potential initial public offering.
• CEO Shayne Coplan was reportedly “irate” and threatened to dismiss legal team members who advocated for Modabber’s termination before ultimately agreeing that the separation was in Polymarket’s best interest.

Why It Matters

The departure of a senior executive closely aligned with the CEO, especially amid an ongoing internal investigation and scrutiny from regulatory bodies like the Commodity Futures Trading Commission, highlights internal governance challenges at Polymarket. This development is significant for stakeholders, as it indicates the company’s efforts to address its public image and prepare for potential future market activities, such as an initial public offering.

What’s Next

Polymarket is reportedly working on Modabber’s separation agreement, with both parties maintaining mutual respect for one another, according to an insider who spoke to The New York Post.

Originally reported by Hindustan Times·Published 23 Oct 2026, 03:54