Polymarket fires CMO Matthew Modabber following internal investigation into fake promotional content and influencer payment violations; CFTC probe ongoing.
Regulation & Gov ·
Polymarket has terminated Matthew Modabber, who held the position of chief marketing officer since January 2024, according to reporting citing sources. Modabber was said to be closely associated with CEO Shayne Coplan. The dismissal follows an internal investigation at the prediction market platform into allegations that his team generated fabricated promotional content displaying trading profits and compensated influencers via personal financial accounts.
The conduct flagged in the internal review has drawn regulatory attention. The U.S. Commodity Futures Trading Commission has opened an investigation into the matter, which continues as of now. Polymarket has not issued a public statement on the matter, and Modabber did not respond when approached for comment.
The investigation has not yet established whether any legal violations occurred. The scope of the CFTC inquiry and any potential consequences remain unclear at this stage.